Blackstone Real Estate Partners IX, an affiliate of Blackstone, has plans to acquire Colony Industrial, the industrial real estate assets and affiliated industrial operating platform of Colony Capital, for an aggregate purchase price of $5.9 billion.

“This acquisition of high-quality warehouses demonstrates our continued strong conviction in logistics and positive e-commerce trends,” states Nadeem Meghji, head of real estate Americas at Blackstone, in a statement. “As retailers continue to shorten delivery times and expand their last-mile footprints, we believe warehouses in dense population centers will continue to experience outsized demand growth.”

The Colony Industrial last-mile light industrial portfolio represents the substantial majority of the total transaction and comprises approximately 60 million square feet of infill, logistics assets across 465 light industrial buildings in 26 U.S. markets, with significant concentration in Dallas, Atlanta, Florida