Closely held real estate firms Stonemont and PCCP LLC are acquiring a portfolio of 38 industrial buildings from Blackstone Inc.’s Link Logistics in a deal valued at about $1 billion.
The buildings encompass 5.9 million square feet in markets including Austin, central Florida, Dallas, Phoenix and Charlotte, North Carolina, according to a statement reviewed by Bloomberg News.
“We carefully curated this collection of properties by emphasizing those that sit at the intersection of population growth, cross-border trade and tenant demand,” Stonemont President Bryan Blasingame said in the statement. He added that the assets consist of bulk and light-industrial properties with stable, long-term tenants.
Link Logistics is Blackstone’s industrial real estate unit.
AI-driven demand for real estate is spilling over to warehouses, absorbing excess space and boosting rents near the massive data centers under construction.
In the past nine months, Link Logistics saw roughly 15% of new leasing at its US properties come from data center-related tenants, according to Bloomberg News.
Blackstone said in an emailed statement it was pleased to reach the agreement with Stonemont and PCCP.
“With limited vacancy and new construction starts down over 60% from the 2022 peak, logistics remains a high-conviction theme for us,” Blackstone said. “We are proud owners of nearly $80 billion of warehouses in North America and nearly $170 billion in total around the world.”
Founded in 2007, Atlanta-based Stonemont has $5.3 billion in assets under management. Los Angelesbased PCCP is a real estate finance and investment management firm focused on commercial real estate debt and equity investments.
Stonemont Chief Executive Officer Zack Markwell said the firm will keep pursuing “attractive acquisition opportunities” alongside its development program.
Some details of the transaction were reported earlier by Green Street. JPMorgan Chase & Co. and Wells Fargo & Co. financed the deal and Eastdil Secured advised on the debt execution.