Key facts
- Blackstone's Link Logistics sold a 38-building industrial portfolio to Stonemont Financial Group and PCCP.
- The portfolio spans 5.9 million square feet and was acquired for $1 billion.
- The properties are located in key growth markets including Austin, Dallas, and Phoenix.
- The deal was financed by JPMorgan Chase and Wells Fargo.
- The U.S. industrial vacancy rate decreased to 7.3% in the second quarter.
Blackstone's Link Logistics has divested a significant industrial portfolio, comprising 38 buildings totaling 5.9 million square feet, for approximately $1 billion. The buyer is Stonemont Financial Group, in partnership with PCCP, an investment firm based in Los Angeles. The acquired assets are situated in high-growth markets such as Austin, central Florida, Charlotte, Dallas, and Phoenix, adding to Stonemont's existing 15 million square feet of industrial properties.
JPMorgan Chase and Wells Fargo provided financing for the transaction, with Eastdil Secured facilitating the debt execution. Stonemont President Bryan Blasingame stated that the portfolio was curated for properties benefiting from population growth, trade activity, and tenant demand, featuring a stable, long-term tenant base.
This acquisition occurs as the U.S. industrial market shows signs of recovery. After two years of increases, the national vacancy rate dropped by 7 basis points to 7.3% in the second quarter, according to Colliers. Absorption of industrial space also saw a substantial increase, with 59 million square feet absorbed in the second quarter, more than double the same period last year. Investors are particularly focused on Sun Belt and Midwest industrial markets, where demand outpaces supply.