Blackstone has acquired two adjoining buildings in Van Nuys for $83 million total, the New York City real estate investment giant’s latest foray into industrial real estate space.
Blackstone bought a light industrial building at 8201 Woodley Ave. in the San Fernando Valley city for $48 million on March 2, according to Los Angeles County registrar records, and a warehouse facility with the same address for $35 million, also on March 2.
The seller was Realty Bancorp Equities, a Woodland Hills firm that bills itself as conducting real estate investments that are local to Southern California.
The light industrial complex is 290,254-square feet, putting Blackstone’s tab at $165 per square foot. Square footage was not listed for the warehouse facility; in total the 8201 Woodley Ave. property spans 10.3 acres.
The site, which lies about one mile east of the 405 freeway, is primarily leased by Micro Solution Enterprises, a toner and cartridge maker that is a subsidiary of Illinois-based Clover Imaging Group. The building gained widespread national attention in 2008 when Immigrations and Customs Enforcement agents raided the workplace, leading to a years-long court battle regarding deportations of Micro Solutions Enterprises employees.
Blagi Brothers, a Napa-headquartered trucking and logistics company, leases the warehouse facility.
Blackstone’s purchase continues the company’s ramping up of industrial real estate buys following last year’s blockbuster acquisitions of TA Realty’s industrial portfolio and a suite of warehouse facilities held by Colony Capital.
As recently as 2013, Blackstone officials were stating the L.A. real estate market was tough to crack. But the firm has since engaged in a prolific flurry of both acquiring companies’ entire profiles and huge one-off deals like the Burbank media district in 2017.
Blackstone declined comment for this article.