Blackstone is keeping plenty busy on the industrial front, most recently refinancing more than 100 properties for upwards of $400 million.
Clarion Partners provided the $415 million mezzanine loan for the 110-property portfolio, the Commercial Observer reported. The 15.7 million-square-foot portfolio spans 15 American markets.
The portfolio is more than 93 percent leased, according to the Observer. More than 300 tenants fill the properties, which include locations in the Dallas-Fort Worth, Phoenix and Atlanta markets.
The refinancing follows a busy year for Blackstone in the red-hot industrial market.
Blackstone Real Estate Income Trust scored a $690 million loan late last year from Wells Fargo to finance 44 industrial, office and data center properties across more than 6.8 million square feet. Singapore’s United Overseas Bank also joined the financing.
In August, BREIT also agreed to acquire WPT Industrial Real Estate Investment Trust in an all-cash deal valued at $3.1 billion. At the time, WPT owned about 110 commercial properties across 20 states, spanning nearly 37.5 million square feet.
News of the refinancing came after a busy week for New York-based Clarion. The firm paid $72 million for the Serramar Apartments in Lauderhill, Florida. The deal for the 302-unit complex from an affiliate of Milbrook Properties broke down to $238,411 per apartment.