Stockbridge Capital Group and a South Korean partner said Wednesday they have acquired a portfolio of 23 warehouses in the U.S. in one the largest commercial real estate sales of the year.
The transaction, which a person familiar with the matter said amounted to about $2 billion, is the latest indication of continued strong demand for industrial properties amid the rising popularity of e-commerce. Stockbridge’s partner in the deal is the National Pension Service of Korea.
While the Covid-19 pandemic and recession have slammed offices, hotels and retail properties, the industrial property sector so far appears relatively unscathed.
A pandemic-driven surge in online orders has led to delivery backlogs and rising demand for warehouses near big population centers to store and process goods. That, in return, is attracting deep-pocketed investors looking for properties to buy.
