Search
 
News

Blackstone Buys Another Industrial Portfolio For $359M

This purchase, from FRP Holdings, is the second industrial portfolio acquisition Blackstone has made this month.

A FRP Holdings property. Photo by FRP Holdings

NEW YORK–Blackstone Real Estate Partners VIII has entered into a contract to buy a 41-asset industrial warehouse portfolio from the Jacksonville, FL-based FRP Holdings for $358.9 million. The properties are mainly located in the Baltimore, Philadelphia and Washington, DC markets. The transaction, subject to customary closing conditions including shareholder approval, is expected to close in the second or third quarter of 2018.

With this deal Blackstone appears to be doubling down even harder on the industrial asset class. Earlier this month, Blackstone REIT acquired a 22-million square foot industrial portfolio for approximately $1.8 billion and financed it with a $1.1 billion loan from PGIM and NYSTRS. The transaction tripled its holdings in the industrial space.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Erika Morphy

Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.

More from this author

Recommended Stories

GlobeSt. Net Lease Spring 2025Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.