Blackstone Sells $3B Logistics Portfolio

Image via Pixabay

Nuveen Real Estate has added to this year’s string of logistics mega-deals by acquiring a 29 million-square-foot portfolio of industrial properties across the U.S. from Blackstone. The portfolio, valued at $3 billion, consists of more than 100 bulk logistics, light industrial and urban infill properties, according to a statement by Nuveen, the investment management arm of TIAA.

The bundle of properties is spread across 12 markets, with concentrations of assets in Southern California, Northern New Jersey, Dallas, Chicago, Baltimore and Washington, D.C. Eastdil Secured advised Blackstone on the sale.

The deal comes after Blackstone-managed funds picked up a 47-property logistics portfolio spanning 68 buildings from TA Realty, in a deal announced in September. This past June, Stephen Schwarzman’s private equity firm revealed it would nearly double its industrial footprint by paying $18.7 billion to acquire a fleet of logistics assets from Global Logistic Properties totaling roughly 179 million square feet across the U.S. 

Nuveen Real Estate, which manages about 17.2 billion square feet of logistics assets globally, said in a statement that it sees the acquisition from Blackstone as an opportunity to boost its logistics holdings across strategic distribution hubs, include high-barrier-to-entry coastal markets. The company added that it would continue to look for opportunities to grow its 80 million-square-foot U.S. industrial platform.