Blackstone Sells Queens Industrial Portfolio to Terreno for $246M
The deal is part of a nationwide portfolio Terreno bought for $346.5 million
By Abigail Nehring May 10, 2024 7:38 pm
reprints
Private equity giant Blackstone (BX) parted ways with an industrial portfolio it acquired in 2019 near John F. Kennedy Airport.
Industrial real estate investment trust Terreno Realty paid $246 million for 21 lots scattered across several blocks near the airport’s northern boundary in Springfield Gardens, Queens, according to property records made public Thursday.
The deal for the Queens properties, which was first reported by PincusCo, represents the majority of a 1.2 million-square-foot industrial portfolio spread throughout New York, New Jersey, Los Angeles and the San Francisco Bay Area that Terreno purchased from Blackstone for $364.5 million. Terreno announced the deal last week without naming Blackstone as the seller.
It’s unclear if there were brokers involved in the deal.
“Logistics has been a high-conviction theme for us for well over a decade, and this transaction illustrates the continued strength we see today,” David Levine, senior managing director of Blackstone Real Estate, said in a statement Friday. “We are pleased to deliver this outcome for our investors and remain big believers in the sector as illustrated by our $175 billion global logistics portfolio.”
Levine signed a series of deals to acquire the New York City properties from Boston-based TA Realty five years ago for $130 million, PincusCo reported.
The San Francisco-based Terreno has been jumping into New York City’s industrial market recently. It made its first industrial purchase in the city last year with the $27.5 million acquisition of a Red Hook, Brooklyn, warehouse. It followed that up in March with a $12 million deal to purchase a distribution building at 181 Lombardy Street in East Williamsburg, Brooklyn.
Abigail Nehring can be reached at anehring@commercialobserver.com.
