New-York News

Blackstone parts with Queens, N.J. industrial properties in $250M deal


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.


Eddie Small , 2024-05-10 18:44:25

Source link

Related posts

Justice Thomas’ former clerk reacts to claim that he took more trips on GOP megadonor’s private plane


They study next to one of Africa's largest trash dumps. They're planting bamboo to try to cope


Utility stocks are on fire — here are Wall Street analysts' top picks


This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy