December 4, 2020
Boston-based storage and information management services firm Iron Mountain has sold a portfolio of 13 industrial facilities to Blackstone Real Estate Income Trust (BREIT). The sales price was $358 million.
The sale-leaseback transaction totals 2.1 million square feet with the properties located predominantly in California, northern New Jersey and the Lehigh Valley. Iron Mountain will remain in these facilities under an initial ten-year lease term, with options to renew up to an additional 20 years. The transaction is part of Iron Mountain’s ongoing capital recycling program, and Iron Mountain expects to utilize the proceeds to reinvest in higher growth areas of its business.
“The industrial sector continues to benefit from strong demand driven by e-commerce tailwinds, and we believe these well-located assets are a great addition to our portfolio, which is heavily weighted toward faster-growing sectors like logistics,” said David Levine, senior managing director at Blackstone Real Estate. “We will continue to pursue compelling opportunities to acquire high-quality income-generating assets on behalf of our BREIT investors.”
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