Prologis Acquires FedEx Warehouse from Blackstone for $97M

By: Sharjeel Sohaib


Aug 22, 2023


Utilize Our Platform

  • Prologis, a San Francisco-based real estate investment trust, bought a 300K-square-foot distribution center in Bloomington, San Bernardino. It paid $96.6 million for the industrial property.
  • The purchase price of $310 per square foot represents a premium compared to the Inland Empire’s average industrial space sales price of $259 per square foot.
  • Prologis bought the warehouse from Blackstone, the world’s largest alternative asset management firm. The acquisition was part of Prologis’ larger $3.1 billion deal with Blackstone, involving the purchase of 70 industrial sites totaling 14 million square feet across the U.S.

Prologis, a San Francisco-based real estate investment trust, has made a significant acquisition by purchasing a 311,400-square-foot warehouse in the Inland Empire. This transaction, involving a FedEx-leased distribution center, is part of a larger deal with Blackstone, where Prologis acquired a substantial portfolio of industrial properties across the United States.

Prologis – A Premium Acquisition

Prologis paid a premium price of $96.6 million for the Bloomington warehouse, located at 3255 and 11600 Cactus Avenue. This amounts to approximately $310 per square foot, marking a notable premium compared to the average sales price for industrial space in the Inland Empire during the first half of the year, which stood at $259 per square foot.

A Brief Background of the Property 

The property, built in 2014 on 36 acres, was previously owned by Gramercy Property Trust, a New York-based company that Blackstone acquired in 2018. It lies within an industrial corridor housing distribution centers for major retailers, including and Walmart.

Prologis’s acquisition of the Bloomington warehouse was part of a larger transaction involving a $3.1 billion deal with Blackstone, covering 14 million square feet of industrial buildings across the U.S. This acquisition included properties in various key regions, making it a significant addition to Prologis’s portfolio.

Strategic Expansion

Prologis intends to retain all the newly acquired industrial real estate, emphasizing that these high-quality properties align perfectly with its long-term strategic growth plan. The acquisition also extended to a 246,000-square-foot industrial and research building in Fremont, acquired for $86.6 million, or $352 per square foot.

Robust Industrial Property Market and its Industry Leaders

The Inland Empire has seen remarkable activity in the industrial property market, with over $2.44 billion in property sales during the year’s first half. Additionally, Southern California continues to experience the highest industrial rent gains in the nation, with a 17.4 percent increase in the Inland Empire over the past year.

Nadeem Meghji, the head of Blackstone Real Estate Americas, highlighted the exceptional demand for high-quality warehouses, underscoring Blackstone’s significant presence in the industrial real estate sector. Blackstone currently owns $100 billion worth of warehouses in North America and $175 billion globally.

Prologis, on the other hand, boasts ownership of an impressive 1.2 billion square feet of logistics real estate across 19 countries. The company recently reported record profits in the second quarter, with revenue nearly doubling from the previous year, reaching $2.45 billion.


Prologis’s acquisition of the FedEx-leased warehouse from Blackstone for $97 million underscores the robust demand for prime industrial real estate. This strategic investment aligns with Prologis’s growth plan and showcases the strength of the industrial property market in the Inland Empire. With Blackstone’s extensive portfolio and Prologis’s significant presence in the sector, this transaction marks a notable milestone in the real estate industry.


Submit a Comment

Connecting you with the best startups, people & events in the Inland Empire.

Support Startup News & Media!

Enjoying the startup news & media? Support us!

We have big plans, and we need your help!

Startempire Wire is a community of people working together to promote innovation, entrepreneurship, and investment in the Inland Empire. We provide resources and connect people with the startup culture.

We believe that the Inland Empire has all of the ingredients for success. This region just needs a platform to show the world what it can do – And this is exactly what is doing. Our goal is to act as a megaphone to connect the dots between the best startups, events, and people in the Inland Empire.

We have big plans, and we need your help! If you are passionate about creating a thriving local startup ecosystem, then we would like to invite you to join in contributing to the community by supporting us. You can do that by supporting us financially or by being an active contributor. In return, we will give you (depending on sponsorship level) free access to our content, other level based perks &Β  the opportunity to connect with a network of passionate people working to build a better future for all of us.

We cover the good and the bad of entrepreneurship, startups & business events; we do it with passion and purpose. If you like what we do, support us & please consider becoming a patron. Your support is essential for independent local startup media to survive & thrive.

You can make a regular one time donation to become a sponsor at any level, or you can choose to become a monthly or event sponsor.Β  Every little bit counts! Thank You

Verious B. Smith III

Founder, Startempire Wire

Related Articles

Benihana Temecula: A New Culinary Destination in Riverside County

Benihana Temecula: A New Culinary Destination in Riverside County

On September 29, Benihana Inc. will open its well-regarded Japanese teppanyaki and sushi restaurant chain in Temecula, California. Situated at 26420 Ynez Road within the Promenade Temecula, Benihana Temecula aspires to enhance the dining landscape of Riverside County....

Economic Growth in the Inland Empire: The IECE and Beyond

Economic Growth in the Inland Empire: The IECE and Beyond

The Inland Empire Center for Entrepreneurship (IECE) at California State University, San Bernardino (CSUSB), published its 2022 Impact Report. We look at the economic impact of IECE and what other organizations have done to drive economic growth in the Inland Empire...

Stay Up On Startempire News

Access Premium Content

Startempire Wire premium content access is free during the beta period of ourΒ  website.Β  Join during beta and get a grandfathered discount when we launch.

$5 for first month then $15 per month

Get Every Update

Would you like to receive Startempire Wire updates in your inbox? Subscribe below!

"*" indicates required fields

This field is for validation purposes and should be left unchanged.

Follow Us

Follow Startempire Wire on other social media channels.

My cart
Your cart is empty.

Looks like you haven't made a choice yet.