Blackstone just sold off a 29M sf national industrial portfolio

Nuveen valued the portfolio at $3 billion; the properties stretch from Southern California to Northern New Jersey

TRD NATIONAL /
Oct.October 07, 2019 05:15 PM
Nuveen CEO Vijay Advani, Blackstone President & COO Jonathan Gray and one of the Texas properties

Nuveen CEO Vijay Advani, Blackstone President & COO Jonathan Gray and one of the Texas properties

Fresh off acquiring one of the largest industrial portfolios in history, Blackstone has turned around and sold a piece of it.

Blackstone unloaded a 100-building portfolio valued at $3 billion to Nuveen, the real estate investment arm of the Teachers Insurance and Annuity Association of America, Nuveen announced Monday. Eastdil Secured advised Blackstone on the deal.

The breakdown of the deal was not immediately clear and neither was its acquisition price. Nuveen said the portfolio spans 12 markets, from Southern California to Northern New Jersey, and about 29 million square feet. Other markets the buildings are concentrated in include Dallas, Chicago, Baltimore and Washington, D.C.

Nuveen and Blackstone declined to provide additional information beyond Nuveen’s announcement.

The deal comes after Blackstone last month closed on the purchase of a 179 million-square-foot logistics portfolio from GLP for $18.7 billion, making it one of the largest real estate deals ever. Nuveen was among the lenders that helped finance that transaction. Nuveen’s purchase is part of the GLP portfolio, according to a source familiar with the transaction.

Also last month, Blackstone announced it will buy Colony Capital’s 60 million-square-foot warehouse portfolio for $5.9 billion.


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