Blackstone Sells 1.9 Million-Square-Foot North Natomas Industrial Portfolio for $243 Million
Blackstone has completed the $243 million sale of the North Natomas Industrial Portfolio, a 28-building, 1.9-million-square-foot industrial campus in Sacramento, California, to a joint venture of Blue Rise Ventures and DRA Advisors. Colliers brokered the transaction, which closed Aug. 21, 2026, and represents the largest industrial portfolio sale in the Sacramento market since 2017.
Deal Terms and Pricing
The transaction values the portfolio at approximately $128 per square foot. The North Market Industrial Park, located in Sacramento's North Natomas submarket near North Market Boulevard and National Drive, offers direct access to Interstate 80 and Interstate 5, positioning it as a key infill industrial node serving regional logistics and metro-scale tenants.
The sale also ranks as the largest single commercial real estate transaction in the Sacramento region by dollar volume so far in 2026. Cap rate and financing terms were not publicly disclosed.
Colliers Retains Leasing Assignment
In addition to brokering the sale on behalf of Blackstone, Colliers secured the leasing assignment for 25 of the 28 buildings in the portfolio on behalf of the new ownership. David Amsterdam, President of Capital Markets for the U.S. at Colliers, was involved in the transaction.
The dual role — investment sales and leasing — positions Colliers as an advisor across the full asset lifecycle for the North Natomas portfolio.
Portfolio Characteristics and Market Context
The North Market Industrial Park is a multi-tenant industrial complex with a diverse tenant base. The portfolio benefits from a supply-constrained infill location, and Sacramento's industrial sector has been characterized by declining vacancy rates and steady rental growth — conditions that generated significant investor interest and competitive pricing during the marketing process.
Blue Rise Ventures, a Northern California-based investor focused on multi-tenant industrial assets in supply-constrained West Coast submarkets, partnered with DRA Advisors, a national institutional investor, to acquire the portfolio. The joint venture's retention of Colliers for leasing on 25 of the 28 buildings signals an active asset management strategy for the campus going forward.
Institutional Demand for Sacramento Industrial
The transaction reflects broader institutional appetite for high-quality industrial assets in high-growth secondary markets. Sacramento's lower basis relative to primary coastal markets, combined with its freeway connectivity and infill supply constraints, has drawn institutional capital to the region. Blackstone's disposition is consistent with a strategy of recycling capital from stabilized industrial holdings, while the Blue Rise Ventures and DRA Advisors joint venture represents a bet on continued rent growth and occupancy tightening in the Sacramento submarket.
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