Blackstone Inc. Sells 48 Warehouses in SoCal for $1 Billion

Blackstone Inc. has sold 48 warehouses in Southern California totaling more than 3 million square feet to Rexford Industrial Realty Inc. for $1 billion. The properties are 98% leased and predominantly located in Los Angeles and Orange counties. The transaction was confirmed by a statement released on Thursday. The sale was handled in separate transactions with Blackstone Real Estate. This move indicates significant activity in the industrial real estate market in the region.