Black Creek Group, a Denver-based real estate investment management firm, has executed 4.4 million square feet of industrial leases in the first quarter of 2021. The company reported that this is the largest volume of industrial leases signed in a single quarter in its more than 25-year history, with activity spanning the country and coming from a diverse pool of tenants.
“The level of demand we are seeing for industrial space is unparalleled and we believe it will continue to remain strong,” said Raj Dhanda, chief executive officer at Black Creek Group. “The nationwide e-commerce explosion has heightened this demand, which the firm has experienced firsthand as we executed several large leases with leading e-commerce providers, packaging solutions providers and third-party logistics companies. As the need for space surges and consumers embrace online shopping, we expect to continue to see strong leasing, rising rents and exceptionally low availability.”
First Quarter 2021 Leasing Highlights Include:
- 400,000-square-foot full-building lease at Lehigh Valley Crossings Distribution Center I, an industrial facility located in Lehigh Valley, Pennsylvania.
- 402,000-square-foot full-building lease at Riverpoint Industrial Park’s largest building, the three-building industrial park is located in Atlanta, Georgia.
- 385,000-square-foot lease at Raceway Industrial Park, a 671,000 square foot industrial facility located in Las Vegas, Nevada. The execution of the lease brought the property to 100 percent leased.
As of March 31, 2021, the firm’s industrial operating portfolio totaled 43.7 million square feet and was 95.9 percent leased.
Black Creek Group invests in commercial real estate across the U.S. and manages offerings across the industrial, multifamily, office and retail sectors – providing investments for both institutional and wealth management channels. The firm has bought or built more than $23 billion of investments since its founding. As of March 31, 2021, the firm had a national footprint of 75.8 million square feet across 31 U.S. markets, including properties under control and development.