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Acquisitions

Blackstone acquires industrial portfolio from Iron Mountain

Ken Caplan, Kathleen McCarthy, Jon Gray (Credit: Fortune)

Blackstone has acquired a 13-property industrial portfolio from Iron Mountain for $358 million, Bloomberg reported. The properties total 2.1 million SF, and are predominantly located in California, northern New Jersey, and Pennsylvania’s Lehigh Valley.

  • Dig Deeper: Iron Mountain, which provides records storage and secure document disposal for companies, agreed to lease back the buildings.
  • Be Smart: As e-commerce flourishes, investors have poured money into warehouses. Blackstone’s latest deal shows the private equity giant is sticking with the sector, even as prices for industrial properties soar. [Bloomberg]

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