Blackstone Real Estate Income Trust acquired the Canyon Industrial Portfolio, totaling 22 million square feet of industrial space, for approximately $1.8bn. The deal includes 146 last-mile infill warehouses and distribution buildings in Chicago, Dallas, Baltimore, Washington, D.C., Los Angeles and Florida. The portfolio’s tenant mix includes Amazon, FedEx, DHL, Coca-Cola, Fiat Chrysler and the U.S. government.
“The Canyon transaction exemplifies BREIT’s focus on real estate asset classes and geographic markets with attractive fundamentals. BREIT’s portfolio, with its emphasis on stable, income-producing warehouse and apartment assets, is well positioned to benefit from continued tailwinds in these sectors,” said A.J. Agarwal, president of BREIT.
