Case Study

ICON Portfolio: Blackstone’s $8.1B Sale of IndCor to GIC

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In support of  the $8.1 billion acquisition of 659 assets–the largest sale of industrial property to date–EMG was engaged to provide all of the Property Condition Assessments, Phase I Environmental Site Assessments, Seismic Risk Analyses, File Reviews, and O&M Plans. EMG had a 3-month timeframe to complete the assessments and reports.


Unprecedented in the industry, no other providers were equipped to handle the sheer workload and complexity of this project. EMG’s scalable processes, reputation for consistency, and sensitivity to the timeline made us the first and only choice.

The project was completed with EMG’s On Time Or On Us promise, by which we guarantee on-time delivery of our reports. Even after two rounds of client-requested edits to all reports, EMG delivered the entire portfolio in just 3 months–working through the winter holidays to ensure each report was complete and accurate. We delivered all 1,512 reports by the contractual delivery date. Not a single report was late.

Throughout the deal, EMG provided consolidated data summaries to our Client and the Lenders, enabling them to focus on any concerns. EMG then worked through these concerns to resolve them prior to closing, and the massive deal closed on time.


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EMG Client

Commercial Construction Consulting, Inc. /
GIC (Primary)

Related Parties:
GIC (Purchaser),
Goldman Sachs (Primary Lender),
Bank of America (Lender),
Morgan Stanley (Lender),
IndCor (Seller)

Asset Type

Industrial – Warehouse & Flex

Services Provided

  • Property Condition Assessments
  • Phase I Environmental Site Assessments
  • Seismic Risk Analyses
  • File Reviews
  • O&M Plans

Size & Location

659 sites in 23 states
117MM SF


3 months:
Nov 2014 – Jan 2015