Sales  ·  Industrial

Blackstone Sells Queens Industrial Portfolio to Terreno for $246M

The deal is part of a nationwide portfolio Terreno bought for $346.5 million

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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

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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.