A massive portfolio sale, a big financing, a cross-border joint venture and two downbeat forecasts comprised the most read stories on Connect CRE over the past week. Leading the roster was a breaking news story on the latest transaction between two giants that have done numerous deals together, Prologis and Blackstone.
Prologis Acquires $3.1B of Blackstone Industrial detailed an agreement for San Francisco-based Prologis to acquire 14 million square feet of warehouse properties in 10 regional hubs, including Northern and Southern California, New York/New Jersey and South Florida. Although a $3.1-billion sale is sizable by any measure, it doesn’t exactly constitute a selloff of Blackstone’s industrial holdings: the company owns 175 million square feet of warehouses globally.