Blackstone Real Estate Income Trust announced the recapitalization of two industrial portfolios owned by LBA comprising $1.6 billion of gross value, reported Institutional Real Estate, Inc. BREIT acquired an approximately 60 percent combined interest across both portfolios, and LBA’s investment fund and its investors retained the balance.
The portfolios comprise 71 high-quality assets totaling 9.5 million square feet and are approximately 95 percent occupied. The assets are located predominantly in last-mile locations in West Coast markets with the vast majority in California and Seattle, which are two of the best performing industrial markets in the country.
Brian Kim, head of acquisitions and capital markets for BREIT, said, “This transaction represents a compelling opportunity to acquire high-quality last-mile indust
