Blackstone Scores $2.35B Refi for Industrial Portfolio in 11 States

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Blackstone (BX) refinanced a collection of over 100 industrial properties with a $2.35 billion debt package, mortgage documents show.

The financing comes from Barclays (BCS), Wells Fargo, Citi Bank, and Bank of Montreal. It covers warehouses in 11 states, including in Sun Belt states like Florida and Texas, throughout the West Coast, and in select Northeastern markets such as Pennsylvania and New Jersey.  

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The portfolio is valued at $3.68 billion. The new debt package boosts an existing $1.78 billion loan, secured in 2019, by about $577 million.

At the time of the 2019 loan, the New York-based private equity firm acquired the U.S. assets of Singapore-based logistics investor GLP via a $18.5 billion bulk purchase

The GLP merger included a large number of Miami-Dade County properties, accounting for 12.5 percent of the current portfolio in terms of value. The Miami-Dade properties are valued at $477 million, and received $304 million of the total financing. The assemblage, composed of warehouses mostly in Doral as well as a handful in Miami Lakes, spans at least 1.6 million square feet.

Some are quite large, such as a 148,798-square-foot warehouse at 9950 NW 17th Street, near the Miami International Mall. Others are rather small, including a 30,201-square-foot building nearby at 1600 NW 102nd Avenue.

The portfolio includes two more South Florida properties in the Broward County towns of Weston and Tamarac. Together, the two warehouses span 160,730 square feet.

The portfolio also includes assets in North Carolina, Pennsylvania, Oregon, Georgia, California, Washington, Nebraska, Nevada and Maryland, with at least two assets in Baltimore and one in Jessup, outside Washington, D.C. 

A representative for Blackstone declined to comment.

Julia Echikson can be reached at jechikson@commercialobserver.com