BlackStone

Blackstone has completed the sale of a substantial industrial portfolio in New York and New Jersey for $246 million to Terreno Realty, with over 20 properties situated primarily in Queens near JFK Airport, totaling $152 million. The sale underscores Blackstone’s long-standing focus on logistics, particularly evident amid the pandemic-driven surge in e-commerce demand. While Class A industrial demand has tempered slightly, development activity remains robust, with over 4.4 million square feet slated for completion this year.