BREIT and LBA Bolster West Coast Industrial Portfolio
A recent acquisition represented a compelling opportunity to acquire last-mile industrial assets on the West Coast. Blackstone Real Estate Income Trust Inc. and LBA Logistics recently recapitalized two industrial portfolios owned by LBA comprising $1.6 billion of gross value.
BREIT acquired an approximately 60% combined interest across both portfolios, and LBA’s investment fund and its investors retained the balance. The portfolios comprise 71 assets totaling 9.5 million square feet and are approximately 95% occupied.
The vast majority of the assets are in California and Seattle, two of the best performing industrial markets in the country. Blackstone says logistics is one of its highest conviction global investment themes and this acquisition illustrates its continued momentum of executing on opportunities with significant growth potential.
With this closing, more than 90% of BREIT’s real estate investments are now in multifamily, industrial and net-leased assets, with industrial representing more than 35% of BREIT’s portfolio.
Eastdil Secured served as an advisor to Irvine-based LBA Logistics.
For comments, questions or concerns, please contact Lisa Brown
- ◦Financing
- ◦Sale/Acquisition