GID Industrial and StepStone Real Estate Complete a Manager-led Secondary Transaction of 8.0 Million-Square-Foot Industrial Portfolio

The joint venture holds 87 industrial buildings across eight U.S. markets, with GID continuing as asset manager.

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10/26/2026 - 02:51 PM EDT

New joint venture completes Manager-led secondary transaction of an 87-building portfolio across eight U.S. industrial markets

DALLAS--(BUSINESS WIRE)-- GID, the US-based real estate investment management firm with $33.3 billion in assets under management*, today announced the formation of a new joint venture with an affiliate of StepStone Real Estate (SRE), the real estate arm of global private markets investment firm StepStone Group (Nasdaq: STEP), and the closing of a $985 million Manager-led secondary in an 8.0 million-square-foot industrial portfolio. One of the largest US industrial transactions year to date, the portfolio comprises 87 buildings across eight major US markets. GID, which has managed the portfolio since 2021, will continue to serve as asset manager of the properties on behalf of the joint venture.

The infill portfolio spans Atlanta, Charlotte, Chicago, Dallas, Jacksonville, Portland, San Antonio, and Seattle, providing the joint venture with exposure to a diversified group of institutional industrial markets. The portfolio features a diverse tenant base and offers the potential for future value creation through active asset management and leasing.

“This Manager-led secondary transaction represents a tremendous opportunity for us to invest in a diversified light industrial portfolio at an attractive basis and establish a new partnership with StepStone,” said Rene Circ, President, GID Industrial. “Our longstanding familiarity with the assets provides us with a differentiated understanding of the portfolio, its tenants and the markets in which it operates. We look forward to building on the portfolio’s strong performance and creating continued value through active management.”

“We have been focused on building exposure to infill industrial assets, where structural supply constraints continue to support fundamentals,” said John Waters, Partner and Global Co-Head of Investments at SRE. “GID’s familiarity with and demonstrated track record managing these assets were important factors in our decision to partner together, and we look forward to supporting the next stage of value creation through this transaction,” he added.

About GID
GID is a privately-held, vertically-integrated real estate investor, operator, developer and lender that has operated a diverse portfolio of multifamily, industrial and mixed-use developments across the United States for over 65 years. With corporate offices in Atlanta, Boston, Dallas, Dubai, New York, San Francisco, and West Palm Beach, GID is a seasoned real estate investor and manager with an integrated operating platform. As of June 30, 2026, GID owns and/or manages $33.3 billion* of assets under management across 58,000+ apartment units and 28+ million square feet of industrial and commercial space.

*Assets Under Management ("AUM") is as of June 30, 2026 and is calculated in compliance with the definition for AUM prescribed in INREV’s Global Definitions Database and includes the market value of real estate as well as non-real estate assets (including any cash in the vehicle or mandate) and committed but uncalled capital for which GID provides oversight and investment management services (for internal client capital and third-party capital) in the funds as well as “Other GID Accounts,” (as defined below) and accounts for which GID provides asset management services without an equity investment. Other GID Accounts include proprietary accounts and co-investment joint ventures with unaffiliated investors where the latter maintain significant approval rights over the management of these investments. Such investment vehicles are not considered "securities portfolios" or "private funds" for purposes of the Advisers Act and are not included in the regulatory assets under management reported in Form ADV Part 1A or Part 2A. As of December 31, 2025, the firm’s regulatory assets under management totaled $5.9B.

About StepStone Group
StepStone Group Inc. (Nasdaq: STEP) is a global private markets investment firm focused on providing customized investment solutions and advisory and data services to its clients. As of June 30, 2026, StepStone was responsible for approximately $913 billion of total capital, including $245 billion of assets under management. StepStone’s clients include some of the world’s largest public and private defined benefit and defined contribution pension funds, sovereign wealth funds and insurance companies, as well as prominent endowments, foundations, family offices and private wealth clients, which include high-net-worth and mass affluent individuals. StepStone partners with its clients to develop and build private markets portfolios designed to meet their specific objectives across the private equity, infrastructure, private debt and real estate asset classes.