Blackstone Real Estate Income Trust confirms that it purchased three Jacksonville warehouses as part of a multistate $116 million acquisition.
The New York-based investment group bought the properties, totaling more than 1 million square feet, as part of an almost 1.93 million-square-foot portfolio of industrial buildings in Jacksonville, Nashville, Tennessee and Atlanta.
An investment highlight from Blackstone about the “Southeast Industrial Portfolio” names Blackstone Advisory Partners L.P. as the dealer manager.
Blackstone said the portfolio was 97 percent leased with tenants including United Parcel Service, Sumitomo, Volkswagen and Sub-Zero.
The average remaining lease length was five years.
Blackstone said fundamentals in the portfolio’s markets have been strong the past two years as rents increased 5 percent a year while vacancy declined to 5.4 percent.
Clarion Partners sold three North and Northwest Jacksonville properties to three Blackstone partnerships for $76.35 million.
While one deed indicated vacant property was included, Blackstone’s acquisitions are listed only as the warehouses. The deeds were executed Nov. 10.
The Jacksonville properties sold were: