Blackstone has sold a sprawling industrial portfolio for more than $1 billion, handing 38 warehouse properties totaling 5.9 million square feet to a joint venture led by PCCP and Stonemont Financial Group.
The off-market deal covers 14 markets in 10 states and includes more than 70 tenants, according to The Real Deal. The portfolio reaches major logistics regions including Denver, Dallas, Atlanta, Charlotte and El Paso, giving the buyers a broad national footprint in one transaction.
The buyers paid upwards of $1 billion, or more than $169 per square foot, in a deal advised by Eastdil Secured. PCCP executive Ryan Dodge said the acquisition reflects the firm’s “continued conviction” in industrial real estate and in markets where it has invested during the past five years, as reported by The Real Deal.
Rent hikes are part of the buyers’ playbook
The joint venture plans to raise revenue through contractual rent increases, a strategy that depends on the portfolio’s leases resetting higher over time. More than 70 tenants are spread across the properties, giving the new owners a large and diversified base of logistics, distribution and industrial users rather than a single major tenant to keep happy.
Stonemont co-founder Zack Markwell said the company has conviction in the long-term fundamentals of the industrial sector. The Atlanta-based firm, founded roughly two decades ago, has deployed more than $8 billion in capital, while PCCP manages more than 68 million square feet of industrial space across 52 markets.
PCCP’s Denver activity shows where demand is concentrating
The acquisition follows a busy stretch for PCCP in the Denver region. In June, PCCP and Trammell Crow Company announced a 410,000-square-foot lease at Crossroads 25 in Thornton, part of a planned 1.1 million-square-foot industrial park, according to Trammell Crow Company.
The Crossroads 25 project’s first phase is expected to total about 828,000 square feet across four buildings, with the largest building already preleased. The Real Deal reported that the lease was the largest industrial deal in the Denver area since 2024, even as the region works through elevated vacancy and a sizable construction pipeline.
A national warehouse bet with local-market pieces
The portfolio also includes the 296,000-square-foot Passaic Logistics Center in New Jersey, a recently completed facility developed by Stonemont with PCCP as capital partner. Stonemont describes the building as a Class A logistics property near major highways, part of its broader push to assemble modern warehouse space in high-demand distribution corridors, according to the company’s project announcement.
For Blackstone, the sale converts a large collection of industrial assets into fresh capital. For PCCP and Stonemont, it is a sizable expansion of an existing strategy: buy well-located logistics properties, capture scheduled rent growth and keep building scale across markets where warehouses remain central to the U.S. supply chain.
