Blackstone Buys 2.1 MSF Logistics Portfolio for $358M
The transaction includes 13 assets located in California, Lehigh Valley and northern New Jersey.
Image by Pashminu Mansukhani via Pixabay.com
Blackstone Real Estate Income Trust has finalized the $358 million acquisition of a 13-property industrial portfolio encompassing 2.1 million square feet. Iron Mountain traded the facilities in a sale-leaseback deal. The company will continue to occupy the buildings on an initial 10-year lease with 20-year extension options. The assets are located in California, the Lehigh Valley and northern New Jersey.
The disposition frees up $260 million which the company plans to invest into data center operations and other areas of its business, according to Iron Mountain Executive Vice President & CFO Barry Hytinen. Simpson Thacher & Bartlett and Foley & Lardner provided legal advice in the transaction, Law360 reported.
In August, Iron Mountain sold a 461,000-square-foot industrial property in Los Angeles to Blackstone for $62 million. It is unclear whether the sale was part of the current portfolio or a separate transaction. Located on 11 acres at 8700 Mercury Lane, the facility was built in 2003.
In September, Iron Mountain sold a 276,330-square-foot warehouse in Kent, Wash., for $44.5 million. CenterPoint Properties purchased the building.
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