Nuveen Real Estate acquired an approximately $3 billion logistics portfolio with more than 100 properties from Blackstone Group Inc.
The portfolio of nearly 29 million square feet of urban infill, light industrial and bulk logistics assets is spread across 12 markets, with concentrations in southern California, northern New Jersey, Dallas, Chicago, Baltimore and Washington, D.C., Nuveen said. The firm said in a news release that the purchase provides an opportunity for it to broaden its logistics holdings across strategic distribution hubs, including coastal markets with high barriers to entry.
Graydon Bouchillon, managing director and head of the U.S. industrial sector at Nuveen, said in the release that the firm continues to believe the industrial sector will outperform, given constrained new supply in some markets and tailwinds from e-commerce.
Eastdil Secured was adviser to Blackstone.
Nuveen Real Estate, formerly known as TH Real Estate, is owned by Teachers Insurance & Annuity Association of America.
