Goldman Sachs Buys Warehouse Portfolio From Blackstone for $293M
By Isabelle Durso January 29, 2025 2:27 pm
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Goldman Sachs (GS) joined a growing list of buyers picking up warehouse properties across the U.S.
The bank’s alternative investment arm has purchased a portfolio of 21 industrial buildings spread across Nevada, Texas, Ohio and Pennsylvania from Blackstone (BX) for $293 million, according to Bloomberg, which first reported the news.
Goldman Sachs partnered with Texas-based investment firm Dalfen Industrial to buy the portfolio, which spans roughly 2.1 million square feet and is home to 68 tenants, including Amazon and Red Bull, Bloomberg reported.
“Having executed our business plan at these properties, we are pleased to have reached this agreement and delivered a significant outcome for our investors,” a spokesperson for Blackstone said in a statement to Commercial Observer.
Spokespeople for Goldman Sachs and Dalfen did not immediately respond to requests for comment.
The deal brings Goldman Sachs’ joint venture with Dalfen — which itself owns more than 50 million square feet of properties in the U.S. and Canada — to a total of 94 buildings, Bloomberg reported.
And the news comes as investors increasingly look to acquire industrial properties as e-commerce becomes more popular and products need to be produced and stored in bulk.
Blackstone itself locked down a $180.2 million loan from PGIM in December for the purchase of a 26-building warehouse portfolio across Florida’s Miami-Dade, Broward and Palm Beach counties, as CO previously reported.
Also in Florida, Longpoint Partners bought a 26-building industrial portfolio in November for $331.3 million, CO reported.
Meanwhile, in New York City, The Carlyle Group bought two storage properties from Storage Deluxe in December for a total of $68 million, as CO previously reported. Those deals involved 74-16 Grand Avenue in Elmhurst, Queens, purchased for $51 million, and 302 Dyckman Street in Manhattan’s Inwood neighborhood, purchased for $17 million.
Isabelle Durso can be reached at idurso@commercialobserver.com.
