Blackstone Sells $246M JFK Airport Industrial Portfolio to Terreno Realty

Private equity giant Blackstone recently sold an industrial portfolio it acquired in 2019 near John F. Kennedy Airport.

Terreno Realty's Acquisition

Terreno Realty, an industrial real estate investment trust, purchased 21 lots near JFK Airport's northern boundary in Springfield Gardens, Queens, for $246 million. These properties were part of a larger portfolio acquisition from Blackstone for $364.5 million, covering 1.2 million square feet across New York, New Jersey, Los Angeles, and the San Francisco Bay Area.

Deal Details and Players

The transaction, disclosed in property records and reported by PincusCo, is significant, although it's unclear if brokers facilitated the deal. Blackstone's Senior Managing Director of Real Estate, David Levine, highlighted the company's long-standing focus on logistics and its commitment to the sector, underlined by its substantial global logistics portfolio worth $175 billion.

Previous Acquisitions and Market Presence

Terreno Realty, headquartered in San Francisco, has been expanding its presence in New York City's industrial market. Notably, it made its first entry into the city with the purchase of a Red Hook, Brooklyn warehouse for $27.5 million last year. This was followed by a $12 million deal in March for a distribution building in East Williamsburg, Brooklyn.

The sale of the industrial portfolio marks Blackstone's strategic move in the real estate market, while Terreno Realty continues to assert its presence and investment in New York City's industrial properties.