Blackstone has closed on a $450 million acquisition of 12 Class A industrial facilities totaling 2.1 million square feet across the Charlotte metropolitan area. The portfolio, currently 95% leased to e-commerce and third-party logistics operators, represents the largest single industrial transaction in the Carolinas this year.
This deployment underscores a 25% premium to replacement cost, suggesting Blackstone sees continued rent growth potential in Southeast logistics hubs. With regional vacancy at 4.2% versus the 6.8% national average, Charlotte industrial assets command pricing power that justifies aggressive valuations.
The acquisition positions Blackstone to consolidate mid-market industrial operators seeking capital partners. Regional developers with stabilized assets in the 100,000-300,000 SF range may find receptive buyers at favorable cap rates over the next 12-18 months.
Could this signal a shift in institutional allocation away from coastal gateway markets toward Sunbelt secondary metros?
