Stephen Schwarzman Of Blackstone Acquires Industrial Asset In Saugus For $58.5M

The property asset involved in the transaction is an industrial facility located at 150 Salem Turnpike, Saugus, MA. The sale price for the asset was $58,500,000, encompassing an area of 87,000 square feet, which results in a price per square foot of $672.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $58,500,000
• Buyer: Stephen Schwarzman - Blackstone
• Seller: Roberto Perez - HRP Group
• Square Footage: 87,000
• Price Per Square Foot: $672
• Loan Amount: $42 million from AIG Insurance Co.

Stephen Schwarzman represented Blackstone in the acquisition, while Roberto Perez represented HRP Group as the seller. The acquisition of the UPS distribution center aligns with Blackstone's strategy to expand its industrial portfolio, following a significant earlier investment in a multi-city portfolio.