PGIM Provides $120M Acquisition Loan for North Carolina Industrial Portfolio
PGIM Real Estate has provided a $120 million acquisition loan for the Triangle Industrial Portfolio and Patriot Park, a 24-property industrial portfolio consisting of nearly 3 million square feet in Greensboro and Durham, N.C. The borrower was Blackstone Real Estate Income Trust (BREIT).
The properties include six parks located in Greensboro’s airport submarket, in proximity to the intersection of I-40 and I-73 and the Piedmont Triad International Airport. The Raleigh-Durham park is in the Research Triangle submarket, near the intersection of I-40 and I-540 and the Raleigh-Durham International Airport.
“We were happy to expand our lending relationship with Blackstone by completing our first floating rate loan facility on their behalf,” said Tom Goodsite, managing director at PGIM Real Estate, who led the transaction for the firm. “The markets in which the properties are located exhibit exceptionally strong industrial fundamentals, particularly in recent years. The properties’ locations also offer robust transportation infrastructure, making them very attractive to regional distribution tenants.”
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