Blackstone pays $62M for data center in Southeast LA
Investment giant acquires 460K sf property in Pico Rivera from Iron Mountain. Blackstone Group paid $62 million for a data center in Southeast Los Angeles, continuing its push for industrial space.
The 461,000-square-foot property is located at 8700 Mercury Lane in Pico Rivera. The seller was information management company Iron Mountain, which paid $16.6 million for the land in 2012, county records show. The firm appears to have built the data center. Blackstone purchased the property through B Core Mercury Lane Owner LLC, an entity with a listed address at Chicago’s Willis Tower, which is headquarters of Blackstone’s Revantage Corporate Services.
Locally,, Blackstone in March paid $83 million for two adjoining industrial buildings in Van Nuys. In June 2019, the firm acquired $18.7 billion of warehouse assets across the U.S., making it one of the largest industrial real estate deals in history. The properties span 179 million square feet overall, and Blackstone purchased the properties from the Singapore company GLP Pte. And earlier this month, Blackstone closed a $1.65 billion deal to purchase 49 percent of Hudson Pacfic Properties’ portfolio of largely Netflix-leased Hollywood offices and soundstages.
Iron Mountain has stored master sound recordings of artists on the Sony and Warner music conglomerates in L.A. Calls to Iron Mountain on Monday were not returned.
https://therealdeal.com/la/2020/08/24/blackstone-pays-62m-for-data-center-in-southeast-la/
Vivint Solar Inc. sold by 313 Acquisition LLC (Blackstone Group): $250m-August 21
Vivint Solar, Inc. is a United States-based company which offers distributed solar energy. The Company generates electricity by a solar energy system installed at or near customers’ locations. It offers electricity to residential customers, primarily through direct-to-home sales model. Its product offering includes power purchase agreements (PPA), legal-form leases (Solar Leases) and solar energy system sales (System Sales). The Company, under its product PPAs, charge customers a fee per kilowatt hour based on the amount of electricity the solar energy system is actually provided. Number of employees : 2 998 people.
https://www.marketscreener.com/quote/stock/VIVINT-SOLAR-INC-18088223/company/
313 Acquisition LLC is managed by a board of managers and Blackstone Capital Partners.
Blackstone Group Management L.L.C. is wholly owned by Blackstone's senior managing directors and controlled by its founder, Stephen A. Schwarzman.
The Blackstone Group Inc. is an American multinational private equity alternative investment management and financial services firm based in Midtown Manhattan, New York City. As the largest alternative investment firm in the world,Blackstone specializes in private equity, credit, and hedge fund investment strategies. Blackstone's private equity business has been one of the largest investors in leveraged buyouts in the last decade, while its real estate business has actively acquired commercial real estate. Since its inception, Blackstone has invested in such notable companies as Hilton Worldwide, Merlin Entertainments Group, Performance Food Group, EQ Office, Republic Services, AlliedBarton, United Biscuits, Freescale Semiconductor, Vivint, and Travelport. Blackstone was founded in 1985 as a mergers and acquisitions firm by Peter G. Peterson and Stephen A. Schwarzman, who had previously worked together at Lehman Brothers. In 2007, Blackstone became a public company with a $4 billion IPO, becoming one of the first major private equity firms to list shares in its management company on the public stock market.Blackstone is headquartered at 345 Park Avenue in Manhattan, with eight additional offices in the United States, as well as offices in Dublin, DĂĽsseldorf, London, Luxembourg, Paris, Sydney, Tokyo, Hong Kong, Singapore, Beijing, Shanghai, Mumbai, and Dubai. As of 2019, the company's total assets under management were approximately US$545 billion. In 2019, Blackstone converted from being a publicly traded partnership into being a corporation.
https://en.wikipedia.org/wiki/The_Blackstone_Group
https://www.finviz.com/insidertrading.ashx?oc=1562390&tc=7&b=2