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PCCP and Blackstone spin into $1B industrial portfolio for Stonemont
Stonemont said the 38-building purchase, financed by JPMorgan Chase and Wells Fargo, adds bulk and light industrial space across multiple growth markets.
An Atlanta-based real estate investment firm, Stonemont, is adding $1B of warehouses and distribution centers to its industrial portfolio through a joint venture with Los Angeles-based PCCP, acquiring a 38-building portfolio totaling 5.9 million square feet.
According to a company announcement, the properties are located across markets including Austin, central Florida, Charlotte, Dallas, and Phoenix, and they increase Stonemont’s industrial holdings to 15 million square feet.
The transaction was financed by JPMorgan Chase and Wells Fargo, with Eastdil Secured brokering the debt execution. Stonemont President Bryan Blasingame said the portfolio was curated around properties positioned at the intersection of population growth, cross-border trade activity, and tenant demand.
The deal comes as the national industrial market shows a turnaround, with Colliers reporting the U.S. vacancy rate fell 7 basis points to 7.3% in the second quarter, and companies absorbed 59 million square feet in the quarter, more than double the 27 million square feet absorbed in the same period last year. Stonemont also pointed to tenant demand, saying the assets come with a stable, long-term tenant base.