Iron Mountain sells $328M industrial portfolio to Blackstone

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Digital storage giant Iron Mountain has sold a 2.1 million industrial
portfolio to Blackstone for $328 million.

JLL Capital Markets brokered the sale-leaseback of the
13-property portfolio across California, Northern New Jersey and the Lehigh
Valley.

The portfolio properties are situated across 122 acres of
infill land and enjoy convenient interstate access due to their central
locations within each respective market.

JLL marketed the property on behalf of the seller, Iron
Mountain Incorporated, the storage and information management services company
enabling digital transformation.

Blackstone Real Estate Income Trust, Inc. purchased the
assets.

Iron Mountain will remain in these facilities under an
initial 10-year lease term, with options to renew up to an additional 20 years.

The transaction is part of Iron Mountain’s ongoing capital recycling program, and Iron Mountain expects to utilize the proceeds to reinvest in higher growth areas of its business.

The JLL Capital Markets team representing the seller was led
by Senior Director Jason DeWitt; Senior Managing Director Robert Dmytryk;
Senior Managing Director and Co-Head of JLL’s Industrial Capital Markets group
John Huguenard; Senior Managing Directors Brian Shanfeld, Mark Detmer, John
Plower and Bruce Strasburg; Director Jordan Avanzato; and Analysts Anthony
Walters and Brian Longee.

 “The closing of this
transaction demonstrates the market’s increasing appetite for high-quality and
well-located industrial real estate,” DeWitt said. “For Iron Mountain, the
portfolio sale is a continuation of their on-going capital allocation strategy,
which aims to unlock capital for investment into key business growth drivers
while maintaining long-term control of their real estate operations.”

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