Blackstone REIT Pays $211 Million for North Carolina Industrial Assets
November 18, 2020 | S&P Global Marketing Intelligence
The Blackstone Group Inc. unit Blackstone Real Estate Income Trust Inc. purchased 24 industrial properties in North Carolina in two separate deals with Highwoods Properties Inc. and Strategic Capital Partners for about $211.2 million, Commercial Property Executive reported, citing public records.
Highwoods sold six parks in Greensboro for $180 million, including an approximately 435,000-square-foot warehouse at 657 Brigham Rd. Strategic Capital sold the two-building Patriot Park property at 4032 Patriot Park Dr. and 2 Freedom Court in Durham, N.C., for $31.2 million.
The buyer also secured a $120 million floating-rate financing arranged by PGIM Real Estate for the 3 million-square-foot portfolio, according to the report.
Blackstone also completed its acquisition of phase 1 of the 1.75 million-square-foot Coleman Highline mixed-use campus in San Jose, Calif., from Hunter Properties Inc. for $275 million, REBusiness Online reported.
The deal includes two office buildings totaling 360,000 square feet that are fully occupied by Roku, an amenities building, and a parking structure, the report noted.
