Deals
Blackstone Buys Warehouses From Principal for $500 Million
- Southern California properties total 4 million square feet
- Private equity giant is expanding in industrial real estate
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Blackstone Group LP acquired a group of Southern California warehouses and related properties from Principal Real Estate Investors, expanding its bet on growing web commerce and global trade.
The New York-based private equity firm paid $500 million for the buildings, according to a person with knowledge of the transaction, who asked not to be named because the details are private. The properties total about 4 million square feet (371,600 square meters).