BY CRAIG KARMIN AND KRIS HUDSON
Two real estate powerhouses are angling for control of a massive industrial portfolio hoping to capitalize on an expected economic recovery.
Blackstone Group for more than two years has been collecting pieces of junior debt on the 23 million square-foot portfolio, known as CalWest, aiming to take over after an anticipated June default.
Meanwhile, a Morgan Stanley property fund which holds a piece of junior debt, also is jockeying for control, according to people familiar with the matter. The CalWest portfolio has 95 properties, which include warehouses, distribution centers and other industrial buildings in California, Arizona, Texas and other states.
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