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PCCP and Stonemont acquire 38-asset Blackstone industrial portfolio
The off-market deal closed July 29 and brings the joint venture a 5.9 million-square-foot portfolio leased to more than 70 tenants.
PCCP and Stonemont Financial Group have become the owners of a Blackstone industrial portfolio spanning 5.9 million square feet, Commercial Observer reports. The joint venture purchased 38 assets located across 14 markets in 10 states for upward of $1 billion, in an off-market transaction with Eastdil Secured as adviser.
The deal closed July 29, according to Commercial Observer. The portfolio is leased to a diverse roster of more than 70 tenants and is spread across infill submarkets including Denver, Dallas, Atlanta, and Charlotte, North Carolina, as well as growth markets such as San Diego, Reno, Nevada, and El Paso, Texas.
PCCP partner Ryan Dodge said the acquisition reflects the firm’s continued conviction in the industrial sector and in markets it has invested in over the past five years. He added that the portfolio is expected to benefit from increased leasing demand and is positioned for momentum.
Stonemont CEO and managing principal Zack Markwell said the transaction underscores the JV’s view of long-term industrial real estate fundamentals. Commercial Observer also notes that PCCP manages more than 68 million square feet of industrial assets across 52 markets, and the acquisition brings its industrial transaction count to 262, while Stonemont has deployed over $8 billion in capital since 2007.