In another record-breaking deal, the Blackstone Group Inc. acquired a 22-building industrial portfolio for $247 million this month.
The New York-based investment company secured 2.5 million square feet of industrial properties scattered across the Twin Cities, working out to $98.8 per square foot. CBRE’s Senior Associate Bentley Smith and Executive Vice President Judd Welliver brokered the deal, which Smith said was the largest widely marketed portfolio of its kind.
The industrial market is currently in high demand, Smith said. “There’s a deep bench of capital that’s looking for industrial properties,” he said.
The scale of the portfolio also allowed CBRE to target new capital that previously didn’t invest in the Twin Cities, he said.