Blackstone Unit Sells 441 KSF Industrial Portfolio

WareSpace has acquired a five-asset industrial collection encompassing 441,000 square feet across four markets in three states. Blackstone’s Link Logistics sold the collection, Yardi Matrix shows. The purchase marked WareSpace’s largest purchase to date, as well as the company’s first portfolio-level buy.

The company’s holdings expanded to Austin, Texas, the Inland Empire, San Diego and Miami. WareSpace will revamp the properties to fit its operational model, which provides micro-bay warehouse space. This structure caters to small businesses, such as contractors and service companies, e-commerce brands and distributors, which require smaller leases compared to the typical industrial tenants.

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WareSpace plans to transform the 441,000-square-foot collection into roughly 500 micro-bay units ranging from 200 to 2,000 square feet. These spaces will then be marketed for short-term leases with fully managed operations, including on-site utilities, maintenance, access and deliveries.

The five newly acquired properties are:

• 11209 Metric Blvd., a 140,034-square-foot facility in Austin
• 210 E. Saint Elmo Road, a 102,194-square-foot facility in Austin
• 6215 El Camino Real, a 73,057-square-foot warehouse in Carlsbad, Calif.
• 7321 NW 75th St., a 53,491-square-foot building in Miami
• 4290 E. Brickell St., a 72,224-square-foot facility in Ontario, Calif.

Scaling a co-warehousing and micro-bay portfolio

By expanding to these four new markets, the company reached 30 locations across the U.S. The latest deal arrived after WareSpace closed a recent $700 million capital raise, enhancing its ability to scale its national footprint.

The co-warehousing and micro-bay industrial company also bolstered its holdings in Chicago and Los Angeles. Earlier this month, WareSpace purchased a 71,689-square-foot asset in Downers Grove, Ill., marking its third property in the Windy City. CEDARst Cos. sold the building, Yardi Matrix shows.

In May, the firm closed its second Greater Los Angeles deal by purchasing an 82,193-square-foot building in Santa Fe Springs, Calif., for $15.8 million. Rexford Industrial divested the property, according to the data provider.