Link Logistics Provides Update on First Quarter 2021 Activity
Signed Leases Representing Over 20 Million Square Feet
Portfolio Comprises More than 420 Million Square Feet of High-Quality Logistics Real Estate in Key Distribution Markets
Link Logistics Real Estate (“Link”), a Blackstone portfolio company and leading operator of the largest portfolio of high-quality logistics real estate assets located exclusively in the U.S., today provided an update on the Company’s first quarter 2021 leasing and investment activity. The Company grew its portfolio in high-growth distribution markets during the quarter, which now comprises more than 420 million square feet.
“We started 2021 on a strong note, continuing our positive momentum as we further expand our portfolio of high quality last-mile logistics,” said Link’s Chief Executive Officer, Luke Petherbridge. “As the e-commerce market continues to accelerate, our scale, geographic footprint and logistics expertise remain key differentiators. We are well-positioned to support our customers with the innovative and sustainable solutions they need to meet the quickly changing consumption and distribution patterns of tomorrow.”
Nicholas Pell, Link’s President and Chief Investment Officer, added, “We continue to see attractive capital deployment opportunities across the country, and we remain focused on infill locations in coastal cities and high-population growth areas where we can leverage our local expertise.”
“We started 2021 on a strong note, continuing our positive momentum as we further expand our portfolio of high quality last-mile logistics.”
Luke Petherbridge
Chief Executive Officer
Notable Acquisitions and Development projects
- Acquired a 60% interest in two last-mile focused portfolios primarily in California and Seattle with a total gross value of $1.6 billion
- Acquired 10.3 million square feet across 33 high-quality warehouses located in key markets for $994 million
- 14.5 million square feet of total development projects representing $1.9 billion of investment are currently underway, predominantly concentrated in California, New Jersey, Seattle and South Florida
- Commenced construction on 885,000 square feet of new development and redevelopment projects at a cost of $141 million
Additional Portfolio Activity
- Signed 530 new and renewal leases representing more than 20 million square feet
- Gained more than 150 new customers, increasing the Company’s total to more than 6,400 customers
- Sold 3.3 million square feet of assets totaling approximately $360 million
- Announced a partnership with the U.S. Green Building Council and a new environmental commitment that all new developments will be certified under the LEED (Leadership in Energy and Environmental Design) v4 Core and Shell framework
About Link Logistics
Link Logistics is the largest U.S.-only owner and operator of last-mile industrial real estate. The Company, established in 2019 by Blackstone, operates the largest portfolio of logistics real estate assets located exclusively in the U.S. As of June 30, 2023, Link Logistics owns, has interests in, or has under development logistics facilities across key distribution markets in the U.S. that will represent a total of 535 million square feet when completed and serves more than 10,000 customers. Link Logistics has the scale, geographic footprint and logistics expertise, as well as a heightened focus on sustainability, to drive value for our customers and stakeholders. For more information regarding the Company, please visit www.linklogistics.com.
Contact:
Melissa Sachs
FGS Global
