Stonemont and PCCP close $1B buy of Blackstone's Link industrial book

Stonemont Financial Group and PCCP have closed a roughly $1 billion purchase of 38 industrial buildings from Blackstone’s Link Logistics, the companies confirmed in a joint release, picking up 5.9 million square feet that is 95% leased across 14 markets in 10 states.

Why it matters

This is one of the largest industrial trades of the year, and it lands the deal in exactly the submarkets developers are underwriting against: Austin, Central Florida, Charlotte, Dallas and Phoenix, plus infill names like Denver, Atlanta, San Diego, Reno and El Paso, per the release. A near-fully-leased, institutional-grade book changing hands at this size gives every industrial developer and lender a fresh, verifiable comp for where buyers are underwriting infill logistics today, not a broker’s asking-price estimate. Stonemont CEO Zack Markwell said the deal “reflects our conviction in the long-term fundamentals of the industrial real estate sector,” a signal that the buy side still sees rent growth ahead even as new construction starts have slowed nationally. For developers weighing whether to build or buy in these same corridors, the basis this trade sets is now the number to underwrite against.

The numbers

The release puts the price at about $1 billion for 38 buildings totaling 5.9 million square feet, 95% leased, closed July 29, 2026. Dividing that price by the square footage, our own calculation, works out to roughly $169 a square foot, a figure the release does not print itself. JPMorgan and Wells Fargo provided debt financing, with Eastdil Secured advising on the debt execution, according to the release. Commercial Observer additionally reported the deal was sourced off-market and that PCCP partner Ryan Dodge called it a continuation of investment PCCP has made in these markets over the last five years. Track the underlying Dallas market, one of the five named metros, for how local rents respond to new institutional ownership.

What’s next

Watch whether Stonemont and PCCP’s stated plan, driving revenue through contractual rent bumps and marking renewing leases to market, shows up in near-term lease filings across the named metros. The bigger question for developers is whether this basis holds as the comp for the next large infill industrial trade, or whether Blackstone’s exit here was itself a signal that pricing has peaked in some of these markets.