NEW YORK–Blackstone Real Estate Partners VIII has closed on a previously-announced acquisition of an industrial portfolio for $347.2 million. The seller is Jacksonville, Fl.-based FRP Holdings and the portfolio, mainly located in the Baltimore, Philadelphia and Washington, DC markets, consists of 40 warehouses and three land parcels. The original deal was $358.9 million for 41 assets, but one warehouse was excluded from the sale as the tenant exercised its right of first refusal to purchase the property for $11.7 million.
It has been a busy couple of days for the fund, which also just made an $4.8 billion offer for LaSalle Hotel Properties, which the REIT accepted.
Like many institutional investors, Blackstone has been doubling down on its industrial holdings. This FRP portfolio transaction, for example, was eclipsed by a much larger deal – Blackstone's proposed acquisition of Gramercy Property Trust for $7.6 billion.
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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.
