Blackstone Gets $120M Loan for North Carolina Industrial Buy

PGIM Real Estate arranged the variable-rate loan for the 3 million-square-foot portfolio in Greensboro and Durham.
408 Gallimore Dairy Road. Image via Google Street View

Blackstone Real Estate Income Trust has received a $120 million loan for the acquisition of 24 industrial properties in North Carolina. PGIM Real Estate arranged the floating-rate financing for the 3 million-square-foot portfolio deal in Greensboro and Durham. 

Public records show that Blackstone had acquired the portfolio through two deals totaling $211 million. Highwoods Properties traded the Greensboro parks for $180 million, while Strategic Capital Partners sold the Durham buildings for $31.2 million.

Patriot Park in Durham comprises two properties located at 4032 Patriot Park Drive and 2 Freedom Court. The buildings are located in the Research Triangle submarket, within 3 miles of interstates 40 and 540. Raleigh-Durham International Airport is 6 miles from the assets.

The Greensboro component includes six parks near Piedmont Triad International Airport. Public records indicate the properties are located along the southern and western sides of the airport. One of the largest structures is an approximately 435,000-square-foot warehouse at 657 Brigham Road, home to Carson Dellosa Education and outdoor furniture manufacturer DEDON.

Blackstone has made a number of high-profile moves this year. In October, the private equity firm announced the $1.2 billion acquisition of Simply Self Storage from Brookfield Asset Management.