Stockbridge Capital Group and the National Pension Service of Korea have acquired a portfolio of 23 warehouses in the U.S. from Hillwood Development for around $2 billion, according to the Wall Street Journal. The transaction is the latest indication of continued strong demand for industrial properties amid the rising popularity of e-commerce.
- Dig Deeper: The portfolio encompasses 14.3 million SF and includes warehouses and fulfillment centers in Atlanta, Boston, Chicago, Detroit, Memphis, Tenn., and Southern California. Many of the properties are occupied by e-commerce companies under long-term leases.
- Industrial sector continues to grow: Industrial property values are up by about 6% since August and about 8% higher than before the pandemic. Aside from e-commerce, a recovery in manufacturing and an increase in imports at seaports are also helping the sector.