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Blackstone REIT Triples Industrial Space With $1.8 Billion Deal

The deal expands Blackstone REIT’s portfolio to $7 billion in gross assets, including 33 million square feet of industrial space and 17,200 multifamily apartments.

(Bloomberg)—Blackstone Real Estate Income Trust Inc. just tripled its holdings of industrial properties, picking up 22 million square feet of buildings for about $1.8 billion.

The Canyon Industrial Portfolio includes 146 warehouses and distribution centers concentrated in and around Chicago, Dallas, Baltimore, Washington, D.C., Los Angeles and South and Central Florida, according to a statement from Blackstone on Monday. Tenants include Amazon.com Inc., FedEx Corp. and Coca-Cola Co.

With the rise of online shopping, companies are scrambling for real estate in or near major urban areas to store products close to where their customers live and work. These buildings help create a network of facilities to complete what’s called the “last mile” of delivery.

The deal expands Blackstone REIT’s portfolio to $7 billion in gross assets, including 33 million square feet of industrial space and 17,200 multifamily apartments. The company, which is managed by a subsidiary of Blackstone Group LP, also has some hotels and shopping centers with grocery stores.

To contact the reporter on this story: Noah Buhayar in Seattle at [email protected] To contact the editors responsible for this story: Daniel Taub at [email protected] Peter Jeffrey, Josh Friedman

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