Goldman Sachs Asset Management Private Real Estate (GSAM PRE) has purchased a light industrial-flex office portfolio. The price of the deal was not disclosed. The Northeast Light Industrial Portfolio includes five properties totaling 525,000 sq ft located across the Boston and Philadelphia metropolitan areas. GSAM PRE now owns 13 industrial properties totaling 2.4 million sq ft across the Northeast and Mid-Atlantic regions, including seven properties in the Baltimore-Washington corridor, The firm is currently developing a multi-level loading distribution facility in Brooklyn.
“Our team has been targeting well-located light industrial, as demand fundamentals are strong, and vacancy is tight with limited new supply. We are especially excited about assets that cater to life sciences and medical manufacturing tenants, as we believe these industries will continue to utilize and grow within this product type,” said Joe Gorin, co-head of GSAM PRE.
