{"id":1004479798,"date":"2020-09-24T04:03:52","date_gmt":"2020-09-24T12:03:52","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004479798"},"modified":"2020-09-24T05:07:12","modified_gmt":"2020-09-24T13:07:12","slug":"pgim-real-estate-adds-700m-industrial-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/pgim-real-estate-adds-700m-industrial-portfolio\/","title":{"rendered":"PGIM Real Estate Adds $700M Industrial Portfolio"},"content":{"rendered":"
\"\"<\/a>

Valley Avenue Business Park in Puyallup, Wash., forms part of the newly acquired portfolio<\/p><\/div>\n

PGIM Real Estate has continued an industrial acquisition streak by picking up a 30-property portfolio valued at about $700 million with warehouse developer IAC Properties. Located across five major markets, the portfolio spans 5.4 million square feet and is 97 percent leased.<\/p>\n

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READ ALSO:<\/strong> Blackstone Acquires Suburban Seattle Warehouse<\/a><\/p>\n

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PGIM Real Estate, which has $182 billion in gross assets under management and administration, acquired the properties through a recapitalization with the existing owner, Perlmutter Investment Co. affiliate IAC. The investment was made on behalf of PGIM Real Estate\u2019s core real estate strategy.<\/p>\n

Located in Los Angeles, the Greater Chicago area, Seattle, Dallas-Fort Worth, and Louisville, Ky., the properties are in markets with high barriers to entry, exceptionally strong fundamentals and continued growth amid the COVID-19 crisis, according to the company. <\/p>\n

The new deal adds to the firm\u2019s existing industrial platform of 107 million square feet globally and 45 million square feet in the U.S. During the third quarter, PGIM Real Estate has acquired 49 industrial buildings totaling 12.3 million nationwide, including a 15-building warehouse portfolio purchased from Crow Holdings<\/a> for $425 million in August.<\/p>\n

In May, the company provided $65.9 million<\/a> in acquisition financing to TA Realty for a 1 million-square-foot industrial facility in Riverside, Calif. The latest acquisition of 30 properties was led by Todd Goldberg, Steven Oliveira, Kevin Interlicchio and Laura Nugent of PGIM Real Estate\u2019s transaction team.<\/p>\n","protected":false},"excerpt":{"rendered":"

Acquired through a recapitalization with the existing ownership, the national portfolio includes 30 buildings totaling 5.4 million square feet across five key markets.<\/p>\n","protected":false},"author":744,"featured_media":1004479804,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21748,21783,23891,21742],"tags":[],"class_list":["post-1004479798","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-industrial","category-investment","category-national","category-latest"],"acf":[],"yoast_head":"\nPGIM Real Estate Adds $700M Industrial Portfolio - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/pgim-real-estate-adds-700m-industrial-portfolio\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PGIM Real Estate Adds $700M Industrial Portfolio\" \/>\n<meta property=\"og:description\" content=\"Acquired through a recapitalization with the existing ownership, the national portfolio includes 30 buildings totaling 5.4 million square feet across five key markets.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/pgim-real-estate-adds-700m-industrial-portfolio\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2020-09-24T12:03:52+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-09-24T13:07:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/09\/Valley-Avenue-Business-Park.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"640\" \/>\n\t<meta property=\"og:image:height\" content=\"512\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Greg Isaacson\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/pgim-real-estate-adds-700m-industrial-portfolio\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/pgim-real-estate-adds-700m-industrial-portfolio\/\",\"name\":\"PGIM Real Estate Adds $700M Industrial Portfolio - 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