By Meghan Hall
Blackstone has purchased an industrial warehouse just south of Seattle near SEATAC, expanding its Puget Sound portfolio. In a transaction that closed on September 16th, Noble Wines, part of The Winebow Group, sold its property to B9 SS 40th Ave. Owner LLC, an affiliate of Blackstone, for $11.35 million, or about $237 per square foot.
The property is located at 9860 40th Ave. S. According to public parcel data, the site is developed with a building originally constructed in 1967, and which totals 48,000 square feet. The asset is located just off of Interstate 5, near a number of other commercial businesses including GTS Interior Supply, Workpointe, Mutual Materials and Herzog Glass. It is unclear what Blackstone’s plans are for the site.
Blackstone has been active throughout the Puget Sound, and in September of last year the firm announced it had closed its most recent fund—Black Stone Real Estate Partners IX—which amassed $20.5 billion in total capital commitments. At the time of its closing, the fund represented the largest raise to-date for a private equity real estate vehicle.
Blackstone planned to deploy the capital across all asset types, including e-commerce warehousing. Blackstone used the fund to purchase Global Logistic Properties’ U.S. industrial assets, which were valued at $19 billion. The portfolio included 1.2 million square feet of space in Seattle, and 234,308 square feet in Portland.
More recently, Blackstone has placed the 522-unit Lakewood Apartment Complex up for sale, with guidance pricing around $110 million, or $211,000 per unit. In April of this year, Blackstone also pulled out of negotiations to acquire 325 Eastlake, a 170,000 square foot office building owned by Unico Properties and Goldman Sachs Asset Management.