Fresh off $18B industrial buy, Blackstone in talks for collection of warehouses near JFK

The negotiations are part of a wider deal with TA Realty

New York /
Aug.August 05, 2019 06:12 PM
Blackstone president Jonathan Gray and 145-07 156th Street in Queens (Credit: Getty Images and Google Maps)

Blackstone president Jonathan Gray and 145-07 156th Street in Queens (Credit: Getty Images and Google Maps)

The Blackstone Group is reportedly negotiating another deal to expand its industrial property portfolio, after inking a nearly $19 billion deal for warehouse space earlier this year.

The mega landlord will acquire 11 warehouse properties near John F. Kennedy International Airport, according to Crain’s. It’s part of a wider deal with TA Realty, a real estate investment management firm based in Boston, for industrial buildings across the country.

The deal highlights the growing interest in industrial space in New York, as the e-commerce and logistics sectors continue to grow. Amazon is looking to rent as much as 1 million square feet of industrial space in Brooklyn, and is also looking at space at RXR Realty and LBA Logistics’ new vertical warehouse development in Queens.

No stranger to industrial deals, Blackstone agreed to purchase a portfolio of warehouses from the Singapore company, GLP, earlier this year. Valued at $18.7 billion, the deal was a major bet for the company, and one of the largest deals in industrial real-estate history. (As of mid-July, before the deal closed, Blackstone was already negotiating to sell off pieces of the portfolio.)

In addition, Blackstone previously dropped $1.8 billion for Canyon Industrial Portfolio’s last-mile properties in Chicago, Dallas and Baltimore, and $2.6 billion for Canada’s Pure Industrial Real Estate Trust.

The 11 warehouse properties it is set to acquire in the latest deal reportedly vary in size from about 6,000 square feet to up to 100,000 square feet.

The value of the deal has not been reported. Both Blackstone and TA Realty did not respond to requests for comment.

[Crain’s] — Sylvia Varnham O’Regan


Related Articles

arrow_forward_ios
Blackstone's Jonathan Gray (Photos via Twitter;iStock/Photo Illustration by Kevin Rebong for The Real Deal)
Blackstone, LBA Logistics get $944M financing for logistics portfolios
Blackstone, LBA Logistics get $944M financing for logistics portfolios
BentallGreenOak founder Sonny Kalsi and 2300 Linden Boulevard in Brooklyn (Photos via BentallGreenOak; Google Maps)
Amazon warehouse in Brooklyn sells for $46M
Amazon warehouse in Brooklyn sells for $46M
Jeff Bezos (Getty, Amazon/Illustration by Alexis Manrodt for The Real Deal)
Amazon’s real estate footprint ballooned in 2020
Amazon’s real estate footprint ballooned in 2020
Amazon founder Jeff Bezos with his Beverly Hills estate, 5 Manhattan West and 212 Fifth Avenue (Photos via Getty; Pinterest; Wikipedia Commons; City Realty)
Jeff Bezos, who turned real estate upside down, quits
Jeff Bezos, who turned real estate upside down, quits
Renderings of Amazon HQ2 and Amazon CEO Jeff Bezos (Photos via NBBJ/Getty)
Amazon unveils woodsy plans for HQ2
Amazon unveils woodsy plans for HQ2
Thor Equities' Joseph Sitt (iStock)
Thor Equities unloads UK logistics portfolio for $415M
Thor Equities unloads UK logistics portfolio for $415M
Photo Illustration of Blackstone's Jonathan Gray (Getty; iStock/Illustration by Kevin Rebong for The Real Deal)
How Blackstone’s Jon Gray undercut his UK counterpart
How Blackstone’s Jon Gray undercut his UK counterpart
Photo Illustration of BioMed Realty CEO Tim Schoen and Alexandria Real Estate Equities CEO Joel S Marcus. (Getty, BioMed)
Life sciences boom continues with 36M sf in works
Life sciences boom continues with 36M sf in works
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...