PGIM JV Sells FedEx Southeast Portfolio for $300M
The six last-mile facilities are across four states.
PGIM and Miramar Capital have sold a 1.6 million-square-foot portfolio of six industrial facilities, all occupied by FedEx and spread across four states.
JLL Capital Markets arranged the $300 million transaction on behalf of the seller. The buyer is an entity linked to SMBC Group, according to public records.
The portfolio, fully occupied under long-term net-lease agreements, consists of Class A last-mile distribution centers across four states in the Southeast:
• 9301 Piper Road in Punta Gorda, Fla.
• 1010 Evergreen Road in Anderson, S.C.
• 395 Fantasy Harbour Blvd. in Myrtle Beach, S.C.
• 1850 Parkway Drive SE in Christiansburg, Va.
• 556 Old Airport Road in Bristol, Va.
• 1912 Stafford St. Ext. in Wingate, N.C.
Purpose-built between 2022 and 2023, the buildings range from about 251,000 to 337,000 square feet.
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The JLL Capital Markets team included Senior Managing Directors Britton Burdette, Dennis Mitchell, Luis Castillo and Bill Prutting, along with Managing Directors Jim Freeman, Maggie Dominguez and Bobby Norwood.
PGIM keeps busy across the map, sectors
As a high-profile real estate institution, PGIM has kept active across multiple markets and CRE sectors.
In early March, the company sold a Chicago-area outpatient medical facility to a joint venture of Farpoint Development and The Landes Group. Later that month, PGIM provided $91 million to CIRE Equity’s CREIT for the acquisition of an industrial property in Van Nuys, Calif.
At the beginning of April, a partnership of PGIM, Advance Realty Investors and Greek Real Estate Partners signed Maersk to a 233,492-square-foot lease in Linden, N.J. The company will occupy nearly half of a 515,600-square-foot distribution facility at 200 Linden Logistics Way. Not long after, law firm McCarter & English signed an 11-year lease for 47,466 square feet at PGIM Real Estate’s One International Place in central Boston.
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