![From left: 145-07 156th Street, 182-09 149th Road, and 149-39 Guy R Brewer Blvd in Queens with Blackstone’s president Jonathan Gray](https://static.therealdeal.com/wp-content/uploads/2019/09/493-These-are-the-warehouses-Blackstone-bought-near-JFK-200x143.jpg)
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Blackstone sells huge industrial portfolio in NYC, New Jersey
Sale includes more than 20 properties in Queens
![Blackstone Sells Industrial Properties in NYC, NJ](https://static.therealdeal.com/wp-content/uploads/2024/05/Blackstone-Sells-Industrial-Properties-in-NYC-NJ-m-1400x875.jpg)
Blackstone sold a huge portfolio of industrial properties throughout New York and New Jersey for $246 million to Terreno Realty.
More than 20 properties in the portfolio are in Queens near JFK Airport. That portion of the sale totaled $152 million.
Terreno announced last week it had acquired a portfolio of industrial properties in New York City, Northern New Jersey, San Francisco’s Bay Area and Los Angeles for $365 million, but did not disclose the seller.
New York City property records posted Thursday pointed to Blackstone, which confirmed the deal.
“Logistics has been a high-conviction theme for us for well over a decade, and this transaction illustrates the continued strength we see today,” said David Levine, co-head of Americas Acquisitions for Blackstone Real Estate.
Blackstone bought the Queens properties from TA Realty in 2019. The deal came amid a flurry of industrial deals by Blackstone. The firm had just bought $18.7 billion in warehouses from Singapore-based GLP in one of the largest real estate deals in history.
Industrial values soared to new heights during the pandemic because of demand from Amazon and other e-commerce companies. Developers rushed to build state-of-the-art warehouses and to secure sites near population centers as internet retailers made fast delivery a priority. More than 4.4 million square feet of industrial space is set for completion this year.
But demand for Class A industrial has slowed. Of the 4.4 million square feet in the development pipeline, only 35 percent is pre-leased as of the first quarter of 2024, according to a report by CBRE.
Blackstone’s logistics portfolio totals $175 billion.
In March, Blackstone sold a 3 million-square-foot industrial portfolio in Southern California to Rexford Industrial Realty for about $1 billion. That same month Blackstone refinanced over 100 industrial properties across the U.S. with $2.35 billion in debt from various banks.
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![From left: 145-07 156th Street, 182-09 149th Road, and 149-39 Guy R Brewer Blvd in Queens with Blackstone’s president Jonathan Gray](https://static.therealdeal.com/wp-content/uploads/2019/09/493-These-are-the-warehouses-Blackstone-bought-near-JFK-200x143.jpg)
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![Rexford Buys 48 Warehouses From Blackstone for $1B](https://static.therealdeal.com/wp-content/uploads/2024/03/Rexford-Buys-48-Warehouses-From-Blackstone-for-1B_FT-Thumbnail-150x106.jpg)