PHOENIX, AZ (April 18, 2024) -- Maricopa County records and real estate database Vizzda is reporting New York-based Blackstone (NYSE: BX) paid $87 million in all cash for a 536,740-square-foot portfolio of warehouses across four individual sales and five buildings.
New York-based Kohlberg Kravis Roberts & Co. Inc. (NYSE: KKR) sold the properties to Blackstone on April 2.
Blackstone and KKR were represented by a Cushman & Wakefield capital markets team comprising Will Strong, Kirk Kuller, Molly Hunt, Dean Wiley, and Michael Matchett in all four sales.
- 120 E. Watkins St.: One building totaling nearly 90,000 square feet sold for $16.77 million, or $187.46 a square foot
- 4441 W. Polk St.: One building totaling 92,575 square feet sold for $16.77 million, or about $181.20 a square foot
- 5302 - 5240 W. Buckeye Road: Two buildings totaling 219,240 square feet sold for $35.2 million, or about $160.78 per square foot
- 4720 W. Van Buren St.: One building totaling 135,438 square feet sold for $18.2 million, or about $134.38 per square foot
Industrial investment has continued across metro Phoenix, with more than 100 sales closing so far in 2024, according to Vizzda research.
So far, the highest industrial sale was $51.6 million for the 202 Loop Business Park in Gilbert at 560 - 620 E. Germann Road.
Before this, Blackstone has been busy selling off large industrial portfolios.
In July 2023, the firm sold ten buildings across the Valley to San Francisco-based Prologis Inc. for approximately $242 million. The Phoenix buildings represented about 12% of 70 properties through a larger $3.1 billion portfolio acquisition.
Blackstone currently owns $100 billion of warehouses in North America and $175 billion globally.