Just a month after it bought out its former partner Majestic Realty‘s stake in 16 properties, Principal Real Estate Investors has churned a sizable profit on a portion of the assets, The Real Deal reported. Out of the 16 million square feet it owned with Majestic, Principal flipped a 4 million-square-foot portfolio to private equity giant Blackstone Group for $500 million, The Wall Street Journal reported. The purchase includes warehouses, distribution centers and other industrial sites.