PGIM acquires 30-property industiral portfolio, including 3 in DFW area
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PGIM acquires 30-property industiral portfolio, including 3 in DFW area

PGIM acquires 30-property industiral portfolio, including 3 in DFW area


PGIM Real Estate has acquired a 30-property industrial portfolio totaling 5.4 million square feet in partnership with Perlmutter Investment Company’s IAC Properties that includes three locations in the Dallas-Fort Worth area, the Madison, New Jersey-based firm announced. PGIM Real Estate acquired the portfolio valued at approximately $700 million by recapitalizing an interest in the existing joint venture structure. PGIM Real Estate is the real estate investment and financing business of PGIM, the $1.4 trillion global investment management businesses of Prudential Financial, Inc. (NYSE: PRU).

Located across Los Angeles, the Greater Chicago area, Seattle, Dallas-Fort Worth, and Louisville, Kentucky, the portfolio is 97% leased and offers users access to key national and regional distribution hubs with robust infrastructure and favorable demographics trends.

In the Dallas-Fort Worth area, the industrial sites acquired are:

  •  I-20 Logistics Center
    • 3080 West Interstate 20, Grand Prairie
  •  Mountain Creek Parkway
    • 4721 Mountain Creek Parkway, Dallas
  •  120 Intermodal
    • 120 Intermodal Parkway, Haslet

“Fundamentals in each of the markets across this portfolio were exceptionally strong heading into 2020,” said Cathy Marcus, global chief operating officer and head of U.S. equity for PGIM Real Estate. “Despite the near-term impacts of COVID-19, we’re seeing continued growth in the U.S. industrial sector and particularly in these high barrier-to-entry locations. We expect that this portfolio will outperform the national forecast over the long term.”

PGIM Real Estate owns more than 107 million square feet of industrial space globally and more than 45 million square feet in the U.S. In the third quarter of 2020, the firm has added 49 best-in-class industrial properties totaling 12.3 million square feet to its U.S. core real estate fund specifically, further strengthening its asset allocation position. Most recently, PGIM Real Estate announced the $425 million acquisition of a 15-building industrial portfolio located across eight properties in Atlanta, Dallas, Denver, Fort Worth, and Phoenix on behalf of its core fund.

In August, Crow Holdings announced that funds managed by Crow Holdings Capital, its real estate investment management company, have completed the sale of an eight-property industrial portfolio comprised of 15 buildings and totaling 4.7 million square feet of space to PGIM Real Estate.

This sale represents one of the largest portfolios of industrial assets to sell during the COVID-19 pandemic. The eight properties are located in five key U.S. markets – Atlanta, Dallas, Denver, Fort Worth, and Phoenix – growing population centers located near gateway airports. Across the portfolio, leased occupancy improved three-fold during the sale process. Tenants include an array of national retail chains and corporations. The Fort Worth property sold includes five buildings, totaling 1.1M square feet in the Carter Distribution Center FED at 6633 Oak Grove Road. The other Texas location is in Lancaster, 1.2M square feet in the I-35 Logistics project.

Regarding the current acquisition:

“We were an early investor in the U.S. industrial market and the COVID-19 crisis has accelerated many of the e-commerce-driven trends that were already in place and that initially made us bullish on the sector,” said Frank Garcia, managing director and senior portfolio manager for PGIM Real Estate’s U.S. core strategy. “Through this acquisition and other large transactions this quarter, we’ve been able to very efficiently deploy capital into the market and have strengthened our commitment to the sector as a result.”

Todd Goldberg, managing director, 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.

Here is a comprehensive list of addresses. Please let me know if you have any further questions.

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  • LA – Bloomfield
    • 12633 Clark Street, Santa Fe Springs
    • 10606-618 Bloomfield Road, Santa Fe Springs
    • 10646-652 Bloomfield Road, Santa Fe Springs
    • 10715-30 Shoemaker, Santa Fe Springs
    • 10749 Shoemaker, Santa Fe Springs
    • 14051-59 Stage Road, Santa Fe Springs
    • 14063-69 Stage Road, Santa Fe Springs
    • 14043 Stage Road, Santa Fe Springs
    • 12839-12981 Florence, Santa Fe Springs
  • Seattle  – SeaTac
    • 20529 24th Ave S, SeaTac
  • Seattle – Valley Avenue Business Park
    • 910 Valley Ave, Puyallup
    • 914 Valley Ave, Puyallup
    • 922 Valley Ave, Puyallup
    • 926 Valley Ave, Puyallup
    • 938 Valley Ave, Puyallup
  • Seattle – Port 167
    • 1212 Valley Ave, Puyallup
    • 1414 Valley Ave, Puyallup
  • Louisville – Trade and Winstead
    • 7501 Winstead Drive, Louisville
    • 7701 Trade Port Drive, Louisville
  • Louisville – Johnsontown Road
    • 5808 Johnsontown Road, Louisville
  • Louisville – Airport South Logistics Center
    • 9101 Minor Lane, Lousiville
  • Chicago – Goose Island
    • 1060 W Division, Chicago
    • 970 W Division, Chicago
    • 1111 N Cherry, Chicago
    • 900 W Bliss, Chicago
    • 1000 N Branch, Chicago
  • Chicago – Santa Fe
    • 6800 Santa Fe Drive, Hodgkins
  • Dallas – I-20 Logistics Center
    • 3080 West Interstate 20, Grand Prairie
  • Dallas – Mountain Creek Parkway
    • 4721 Mountain Creek Parkway, Dallas
  • Dallas – 120 Intermodal
    • 120 Intermodal Parkway, Haslet



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