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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.
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Link Logistics Real Estate (“Link”), a Blackstone portfolio company and operator of the largest portfolio of high-quality logistics real estate assets in strategic last-mile locations exclusively in the U.S., today announced the appointment of two new directors to its Board of Directors. Diane Morefield, former Executive Vice President and Chief Financial Officer of CyrusOne, and Grace Vandecruze, Founder and Managing Director of Grace Global Capital LLC, will join the Board effective immediately.
Phil Hawkins, Executive Chairman of the Link Board, commented, “We are very excited to welcome Diane and Grace to our Board and will benefit from their collective industry, financial and governance expertise. Diane is a seasoned real estate executive with a deep understanding of our industry, more than 40 years of financial and operational experience and proven success as a public company leader and board m