Blackstone’s non-traded REIT, Blackstone Real Estate Income Trust, this week added another portfolio to its growing property stockpile. 

The REIT's latest acquisition is a six million-square-foot portfolio of predominantly infill industrial assets it purchased from affiliates of High Street Realty Co. $402 million. 

The portfolio is 97% leased to over 90 tenants and consists of 38 industrial properties totaling 5.97 million square feet. The properties are located in six submarkets with the following concentration based on square footage: Atlanta (38%), Chicago (23%), Houston (17%), Harrisburg (10%), Dallas (10%) and Orlando (2%), according to Blackstone. The purchase price breaks down to about $67.30/square foot. 

Blackstone did not provide a specific list of properties. 

The REIT said that, over the last two years, market rents in those submarkets have increased by 5% annually while vacancy has declined by approximately 100 basis points to 5.2%. The REIT also said that infill industrial supply in these markets is expected to be constrained at 0.6% of stock throughout 2017 given limited land availability near these population centers.