PCCP, Stonemont Close on $1B-Plus Acquisition of Blackstone Industrial Portfolio
By Cathy Cunningham July 29, 2026 2:57 pm
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PCCP and Stonemont Financial Group are officially the new owners of a 5.9 million-square-foot industrial portfolio, Commercial Observer can first report.
The joint venture acquired the 38 assets, located across 14 markets in 10 states, for upward of $1 billion with Blackstone as the seller, according to an article from Real Estate Alert preceding the sale.
The portfolio was sold via an off-market transaction, with Eastdil Secured serving as adviser, and the transaction closed July 29. It wasn’t immediately clear how the acquisition was financed.
“The acquisition of this portfolio represents PCCP’s continued conviction in the industrial sector and in markets we have actively invested in within the last five years,” Ryan Dodge, a partner with PCCP, said. “We believe our industrial portfolio continues to exhibit strong momentum, with increased leasing demand in recent months. In our view, this portfolio is well positioned to benefit from those same market tailwinds.”
The portfolio — leased to a diverse roster of more than 70 tenants — is located across infill submarkets, including Denver, Dallas, Atlanta, and Charlotte, N.C., as well as strong growth markets like San Diego, Reno, Nev., and El Paso, Texas. With PCCP and Stonemount Financial now in the driver’s seat, the JV’s plan is to focus on revenue growth via contractual rent increases and marking-to-market on leases that are being renewed, according to a release.
“This transaction reflects our conviction in the long-term fundamentals of the industrial real estate sector,” said Zack Markwell, CEO and managing principal at Stonemont. “We are pleased to have once again partnered with PCCP and will continue to pursue attractive acquisition opportunities alongside our active development program.”
The industrial sector is one of PCCP’s investment fortés, with the firm currently managing more than 68 million square feet of industrial assets over 52 markets. This acquisition brings its count to 262 industrial transactions. Atlanta-based Stonemont has deployed over $8 billion in capital since its founding in 2007.
Together, the two are frequent JV partners that build and invest in industrial projects and portfolios nationwide. These include TIA Executive Center, a 100,698-square-foot Class A industrial and logistics facility, in Tampa, Fla., and Passaic Logistics Center, a 295,506-square-foot facility in New Jersey.
Blackstone declined to comment.
Cathy Cunningham can be reached at ccunningham@commercialobserver.com.
