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A FRP Holdings property. Photo by FRP Holdings

NEW YORK–Blackstone Real Estate Partners VIII has closed on a previously-announced acquisition of an industrial portfolio for $347.2 million. The seller is Jacksonville, Fl.-based FRP Holdings and the portfolio, mainly located in the Baltimore, Philadelphia and Washington, DC markets, consists of 40 warehouses and three land parcels. The original deal was $358.9 million for 41 assets, but one warehouse was excluded from the sale as the tenant exercised its right of first refusal to purchase the property for $11.7 million.

Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.

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