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PGIM Real Estate Grows Industrial Holdings with $425M Deal
PGIM Real Estate has acquired a 4.7-million-square-foot, 15-building industrial portfolio, located across eight properties in Atlanta, Dallas, Denver, Fort Worth and Phoenix, for $425 million. Crow Holdings Capital, the seller, said the sale represents one of the largest portfolios of industrial assets to sell during the COVID-19 pandemic.
All 15 buildings in the portfolio are newly constructed or still under construction, PGIM Real Estate said. “As many more retailers and international corporations enter the U.S. industrial market or expand their presence in the sector, these state-of-the-art properties will be an attractive component of our broader industrial portfolio,” said Cathy Marcus, global COO and head of U.S. equity for PGIM Real Estate.
At Crow Holdings Capital, CEO Bob McClain said, “Our team constructed this portfolio of state-of-the-art industrial properties in key markets with immediate access to critical infrastructure to be attractive to both institutional buyers and high-quality tenants.”
Pictured: Carter Distribution Center in Fort Worth, part of the portfolio.
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- ◦Sale/Acquisition
