CHICAGO-Two real estate powerhouses are angling for control of amassive industrial portfolio hoping to capitalize on an expectedeconomic recovery. So says a recent article in the Wall StreetJournal.
Blackstone Group LP for more than two years hasbeen collecting pieces of junior debt on the 23 million square-footportfolio, known as CalWest, aiming to take over after ananticipated June default. Meanwhile, a MorganStanley property fund which holds a piece of junior debt,also is jockeying for control, according to people familiar withthe matter.
The CalWest portfolio has 95 properties, which includewarehouses, distribution centers and other industrial buildings inCalifornia, Arizona, Texas and other states.
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