October 8, 2019
Nuveen Real Estate bulked up its industrial platform with a 29-million-square-foot acquisition from Blackstone, valued at about $3 billion. The portfolio exceeds 100 properties across 12 markets, with focused concentrations in Southern California, Northern New Jersey, Dallas, Chicago, Baltimore and Washington, DC.
“We continue to believe that the industrial sector will outperform as supply remains constrained in certain markets and e-commerce tailwinds remain prevalent,” said Nuveen’s Graydon Bouchillon, head of U.S. industrial.
He added, “Our 80-million-square-foot U.S. industrial platform will continue to look for measured, strategic growth opportunities in an effort to provide Nuveen investors with broad diversification and exposure across the logistics landscape.”
Eastil Secured advised Blackstone on the deal. The portfolio is comprised of urban infill, light industrial and bulk logistic assets.
Nuveen has invested in the industrial space since 1953. Its industrial portfolio now runs to approximately $17.2 billion globally, including $15 billion in the U.S.
For comments, questions or concerns, please contact Paul Bubny