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Blackstone Acquires 4M-SF Logistics Portfolio
New York-based Blackstone GroupLP acquired a four-million-square-foot industrial portfolio from Des Moines, IA-based Principal Financial for $500 million. The SoCal commercial real estate assets include warehouses, distribution centers, as well as other industrial facilities.
The assets had been part of a 16-million-square-foot logistics portfolio jointly held by Principal and Majestic Realty Co. that the pair split up in September.
Blackstone has been amassing a large portfolio of industrial properties and now controls roughly 150 million square feet across the U.S., Europe, Australia and China. The focus of the private equity firm’s attention has been on “last mile” logistics assets near major population centers.
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