MADISON, NJ—On behalf of its US core real estate strategy, PGIM Real Estate has acquired a 4.7 million-square-foot, 15-building industrial portfolio valued at $425 million. The seller was Crow Holdings.
The properties, located in Atlanta, Dallas, Denver, Fort Worth, and Phoenix, are newly constructed or still under construction and are close to major thoroughfares and gateway airports.
Four of the delivered buildings are now fully leased and two others partially leased.
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With 32- to 36-foot clear heights and functional layouts with dock doors, the properties can accommodate the drastic rise of e-commerce and last mile distribution in the US, PGIM Real Estate says, while offering space for advanced distribution operations and autonomous machinery.
"This transaction enabled us to capitalize on an extremely rare opportunity to acquire a large high-quality industrial portfolio that would have otherwise taken years to build or assemble," said Frank Garcia, managing director and senior portfolio manager for PGIM Real Estate's U.S. core strategy, in prepared remarks.
"This quarter, we've added 49 best-in-class industrial properties totaling 12.3 million square feet to our core fund, located across highly sought-after US distribution markets," he added.
Steven Oliveira, executive director, and Kevin Interlicchio and Laura Nugent, associate vice presidents, of PGIM Real Estate's Transactions team led the portfolio acquisition on the firm's behalf.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
