Blackstone expands industrial reach with $151M Chicago buy

CenterPoint Properties sold 1.1M-sf warehouse portfolio

March 1, 2021 | The Real Deal

Blackstone is furthering its industrial investments with its latest Chicago-area buy.

Blackstone Real Estate Income Trust picked up a 1.1 million-square-foot industrial portfolio from CenterPoint Properties for $151 million, according to Crain’s. The seven properties are fully leased to tenants including FedEx and Lenze, and are located in Bensenville, Itasca, Elmhurst, McCook, Northlake and Glendale Heights.

The warehouses were part of an 11-building portfolio the Oakbrook-based industrial developer had put up for sale. The remaining four properties will be sold individually. CenterPoint Chief Investment Officer Jim Clewlow told the publication that the recent sale is part of a continued effort to diversify its holdings.

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