{"id":1004546459,"date":"2021-01-25T23:11:00","date_gmt":"2021-01-26T07:11:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004546459"},"modified":"2022-12-08T03:10:06","modified_gmt":"2022-12-08T11:10:06","slug":"blackstone-lba-logistics-recap-1-6b-in-industrial-assets","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/blackstone-lba-logistics-recap-1-6b-in-industrial-assets\/","title":{"rendered":"Blackstone, LBA Logistics Recap $1.6B in Industrial Assets"},"content":{"rendered":"
\"\"

Image by falco via Pixabay.com<\/p><\/div>\n

Blackstone Real Estate Income Trust Inc. and LBA Logistics, of Irvine, Calif., have recapitalized two industrial portfolios owned by LBA and totaling $1.6 billion of gross value.<\/p>\n

Blackstone REIT acquired an approximately 60 percent combined interest across the two portfolios, and LBA\u2019s investment fund and its investors retained the balance.<\/p>\n

The portfolios consist of 71 high-quality assets totaling 9.5 million square feet and are about 95 percent occupied overall. The properties are predominantly in last-mile locations in West Coast markets, the vast majority being in California and Seattle.<\/p>\n

Brian Kim, Blackstone REIT\u2019s head of Acquisitions & Capital Markets, said in a prepared statement that logistics \u201cis one of our highest conviction investment themes globally, and this acquisition illustrates BREIT\u2019s continued momentum executing on exciting opportunities with significant growth potential.\u201d<\/p>\n

Phil Belling, an LBA managing partner, added: \u201cThese assets are benefitting from the strong fundamentals in the industrial sector, which we believe will continue to be attractive over the long-term.\u201d<\/p>\n

After this transaction closes, more than 90 percent of Blackstone REIT\u2019s real estate investments will be in multifamily, industrial and net-leased assets, with industrial representing more than 35 percent of the portfolio.<\/p>\n

Eastdil Secured served as an advisor to LBA Logistics. Blackstone REIT was advised by Simpson Thacher; that team included real estate partners Sas Mehrara, Whitney Salinas and Danielle Jackson and tax partner Nancy Mehlman.<\/p>\n

Steadily active<\/h2>\n

Last June, LBA bought Sand Lake Commerce Center<\/a>, a two-building, 230,117-square-foot Class A industrial asset near Orlando International Airport. The deal fetched $26.4 million for the developer\/seller, McDonald Development Co.<\/p>\n

And in December, LBA and partner RXR Realty received $316 million in construction financing<\/a> for Grand Logistics Center, in the Maspeth neighborhood of Queens, N.Y., from JP Morgan Chase. The 1.1-million-square-foot, multi-story property is scheduled for completion in December 2022 and is already fully leased to Amazon.<\/p>\n","protected":false},"excerpt":{"rendered":"

The portfolios comprise 71 properties totaling 9.5 million square feet. <\/p>\n","protected":false},"author":882,"featured_media":1004546460,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,21748,23891,21742],"tags":[33101,44981,34333,33129],"class_list":["post-1004546459","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-industrial","category-national","category-latest","tag-eastdil-secured","tag-lba-logistics","tag-simpson-thacher-bartlett","tag-the-blackstone-group"],"acf":[],"yoast_head":"\nBlackstone, LBA Logistics Recap $1.6B in Industrial Assets - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/blackstone-lba-logistics-recap-1-6b-in-industrial-assets\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Blackstone, LBA Logistics Recap $1.6B in Industrial Assets\" \/>\n<meta property=\"og:description\" content=\"The portfolios comprise 71 properties totaling 9.5 million square feet.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/blackstone-lba-logistics-recap-1-6b-in-industrial-assets\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2021-01-26T07:11:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T11:10:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/08\/Image-by-falco-via-Pixabay.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/blackstone-lba-logistics-recap-1-6b-in-industrial-assets\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/blackstone-lba-logistics-recap-1-6b-in-industrial-assets\/\",\"name\":\"Blackstone, LBA Logistics Recap $1.6B in Industrial Assets - 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