NEW YORK CITY—Three years after reaching a deal to sell its IndCor platform to a partnership of GLP and GIC Pte. Ltd., the Blackstone Group is ramping up again in the US industrial sector. Its non-traded Blackstone Real Estate Income Trust has signed an agreement to buy a 21.7-million-square-foot industrial portfolio from a Cabot Properties fund for approximately $1.8 billion.

When completed, the transaction will represent Blackstone's biggest deal for US industrial since closing on the $8-billion sale of the IndCor platform in early 2015. In September of 2016, the asset management giant agreed to pay $1.5 billion to acquire a portfolio of 46 West Coast logistics centers from LBA Realty. Earlier this year, BREIT bought six million square feet of mainly infill industrial properties from High Street Realty, paying $402 million.

In an SEC filing, BREIT says the 146-property Cabot portfolio, which it's acquiring from Cabot Industrial Value Fund IV LP and Cabot Industrial Value Fund IV Manager LP, benefits from “attractive fundamentals.” Specifically, industrial vacancy across the portfolio's markets has continued to decline over the past seven years and is currently just 4.6%, while rents across the portfolio's markets have increased by 5.7% year-over-year.