News release

Core industrial portfolio sold for $358M

JLL Capital Markets closed the sale-leaseback of the 13-building portfolio primarily in California, Northern New Jersey and the Lehigh Valley

December 04, 2020

CHICAGO, December 4, 2020 – JLL Capital Markets announced today that it has closed the $358 million sale-leaseback of a 13-property industrial portfolio totaling 2.1 million square feet primarily in 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. This 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; Managing Director Jay Wellschlager; 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.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.           

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About Iron Mountain Incorporated        

Iron Mountain Incorporated (NYSE: IRM) is a global business dedicated to storing, protecting and managing information and assets.