JLL arranges $358M sale-leaseback of multistate industrial portfolio

December 8, 2020 | Eric Strauss | roi-nj.com

A 13-property, three-state industrial portfolio totaling 2.1 million square feet of real estate was sold in a $358 million leaseback deal, according to JLL Capital Markets.

The portfolio, located in northern New Jersey, Pennsylvania’s Lehigh Valley and California, was sold by Iron Mountain Inc., a storage and information management services company, to Blackstone Real Estate Income Trust Inc., part of New York’s Blackstone Group, JLL said in a news release.

Boston-based Iron Mountain signed a 10-year lease with 20 years’ worth of options to remain in the facilities, selling them as part of its ongoing capital recycling program, with intent to reinvest the proceeds in higher-growth areas of its business.

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