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PGIM Real Estate Adds 30-Property Industrial Portfolio
PGIM Real Estate has acquired a 30-property industrial portfolio totaling 5.4 million square feet on behalf of its U.S. core real estate strategy, in partnership with Perlmutter Investment Company’s IAC Properties. Madison, NJ-based PGIM Real Estate acquired the portfolio valued at approximately $700 million by recapitalizing an interest in the existing joint venture structure. Cushman & Wakefield’s Adam Spies, Josh King and Marcella Fasulo represented IAC in the recapitalization.
The acquisition follows PGIM Real Estate’s recent $425-million deal. Located across Los Angeles, the Greater Chicago area, Seattle, Dallas-Fort Worth, and Louisville, the portfolio is 97% leased.
“Fundamentals in each of the markets across this portfolio were exceptionally strong heading into 2020,” said Cathy Marcus, PGIM Real Estate global COO. “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.”
A PGIM Real Estate transactions team of Todd Goldberg, Steven Oliveira, Kevin Interlicchio and Laura Nugent led the portfolio acquisition on the firm’s behalf.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
