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PCCP, Stonemont Close on $1B-Plus Acquisition of Blackstone Industrial Portfolio
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Commercial Observer
PCCP and Stonemont Financial Group are officially the new owners of a 5.9 million-square-foot industrial portfolio, Commercial Observer can first report.
The portfolio was sold via an off-market transaction, with Eastdil Secured serving as adviser, and the transaction closed July 29.
“We believe our industrial portfolio continues to exhibit strong momentum, with increased leasing demand in recent months.
“This transaction reflects our conviction in the long-term fundamentals of the industrial real estate sector,” said Zack Markwell, CEO and managing principal at Stonemont.
The industrial sector is one of PCCP’s investment fortés, with the firm currently managing more than 68 million square feet of industrial assets over 52 markets.