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Blackstone has sold off a major portfolio of industrial properties in Queens and New Jersey to San Francisco-based real estate firm Terreno for $246 million.
Terreno announced earlier this month that it had purchased an industrial portfolio in the city, New Jersey, Los Angeles and the San Francisco Bay area for about $365 million, but the firm did not identify the seller. The portfolio consists of 28 buildings spanning about 1.2 million square feet that is 91.6% leased to 70 tenants.
The Queens properties consist of 21 parcels near John F. Kennedy International Airport. Blackstone had acquired the parcels in 2019 for about $130 million.
“Logistics has been a high-conviction theme for us for well over a decade, and this transaction illustrates the continued strength we see today,” David Levine, co-head of Americas acquisitions for Blackstone, said in a statement.
A representative for Terreno declined to comment.
Blackstone bet particularly heavily on industrial real estate in 2019, most notably through an $18.7 billion purchase of warehouses across the country from Singapore-based firm GLP Pte. But Blackstone has more recently inked multiple deals to sell parts of its industrial portfolio, including a $3.1 billion sale to Prologis last year, and placed a huge bet on multifamily properties, striking a deal to purchase apartment landlord AIR Communities for roughly $10 billion earlier this year.
The firm is still a big believer in the industrial sector “as illustrated by our $175 billion global logistics portfolio,” Levine said.
Industrial real estate in the city did very well during the pandemic, although growth from the logistics and e-commerce firms that helped it stay strong slowed during the second half of last year. However, the sector got off to a strong start in 2024, with the outer boroughs seeing their busiest first quarter since 2019, thanks in part to demand from wholesale firms and studios, according to Cushman & Wakefield.
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Eddie Small , 2024-05-10 18:44:25
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