Blackstone acquires industrial portfolio from Iron Mountain

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]