- Posted at 10:29, December 03, 2013
- By Russ Bleemer
Following up on yesterday's news about Blackstone's Hilton hotels public offering, Bloomberg News takes a long look today at another Blackstone Group strength--industrial properties.
Yes, the article points out, we hear a lot about the high profile Hilton properties, but New York-based Blackstone's 2010 formation of IndCor Properties Inc., a Chicago industrial real estate company has proved to be equally astute. IndCor, Bloomberg reports, "has more than doubled in size since its inception and continues to make acquisitions."
Meantime, the story says, "Demand for U.S. warehouse space is outpacing construction, leading to higher lease rates and declining vacancies as spending by consumers and businesses recovers."
A Blackstone executive says that the demand for industrial space is nationwide, not just big cities. Vacancies are declining, and prices are rising.
The article includes data on the big industrial REITs IndCor competes with, as well as the company's 100 million-plus square foot market position--though the Blackstone executive doesn't offer a comment on IndCor following Hilton's IPO path.
You can find Bloomberg's discussion, "Blackstone Builds Warehouse Landlord With Discount Deals," HERE.