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Blackstone REIT Acquires 22 MSF Industrial Portfolio for $1.8B

The portfolio includes 146 separate industrial warehouses and distribution buildings. The exact facility pictured was not disclosed.

The portfolio includes 146 separate industrial warehouses and distribution buildings. The exact facility pictured was not disclosed.

NEW YORK CITY — Blackstone Real Estate Income Trust Inc. (NYSE: BX) has acquired the Canyon Industrial Portfolio, a 22 million-square-foot portfolio of industrial assets, for approximately $1.8 billion.

The portfolio consists of 146 last-mile, infill warehouses and distribution buildings with major concentrations in Chicago; Dallas; Baltimore; Washington, D.C.; Los Angeles; the Inland Empire region of southern California; and south and central Florida.

The portfolio was 90 percent occupied at the time of sale by tenants including Amazon, FedEx, DHL, Coca-Cola, Fiat Chrysler and the U.S. Government. The seller in the transaction was undisclosed.

With the closing of this acquisition, New York City-based Blackstone’s portfolio totals $7 billion in gross asset value across 272 assets, primarily concentrated in 33 million square feet of industrial assets and 17,200 multifamily apartments. The company seeks to invest in stabilized, income-generating U.S. commercial real estate across property types including multifamily, industrial, retail and hotel.

Blackstone stock closed on Monday, March 12, at $34.43 per share, up from $27.95 one year ago.

— Katie Sloan

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