Nuveen Real Estate has acquired a portfolio of more than 100 logistics properties across 12 markets in the U.S from Blackstone Group for $3 billion.
The 29 million-square-foot portfolio is comprised of urban infill, light industrial and bulk logistics assets in Southern California, Northern New Jersey, Dallas, Chicago, Baltimore and Washington D.C. markets.
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“This pivotal transaction provides an attractive opportunity to further enhance Nuveen Real Estate’s U.S. industrial platform and broaden our logistics holdings across strategic distribution hubs including coastal markets with high barriers to entry,” said Graydon Bouchillon, Managing Director and Head of U.S. Industrial Sector at Nuveen Real Estate in a statement.
“We continue to believe that the industrial sector will outperform as supply remains constrained in certain markets and e-commerce tailwinds remain prevalent. Our 80 million square foot US industrial platform will continue to look for measured, strategic growth opportunities in an effort to provide Nuveen investors with broad diversification and exposure across the logistics landscape,” added Bouchillon.
