{"id":1004551638,"date":"2021-09-27T04:31:40","date_gmt":"2021-09-27T12:31:40","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004551638"},"modified":"2022-12-09T02:46:59","modified_gmt":"2022-12-09T10:46:59","slug":"gcp-lands-250m-industrial-portfolio-loan","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/gcp-lands-250m-industrial-portfolio-loan\/","title":{"rendered":"GCP Lands $250M Industrial Portfolio Loan"},"content":{"rendered":"
\"\"<\/a>

IDI’s Speedway Distribution Center – Building A<\/p><\/div>\n

GLP Capital Partners has secured a $250 million financing package for a five-property logistics portfolio totaling 3.2 million square feet across five states. Markets include Atlanta, Dallas-Fort Worth, Chicago, Memphis, Tenn., and California\u2019s Central Valley.<\/p>\n

PGIM Real Estate provided the funding for the portfolio acquired on behalf of GLP Capital Partners IV, the borrower\u2019s $2.3 billion logistics real estate fund<\/a> focused on North America, which closed in July. At the time, the investment vehicle was the largest discretionary closed-end fund of its kind.<\/p>\n

All five properties are fully leased to four different tenants. The portfolio includes Building A of IDI’s Speedway Distribution Center, a 729,157-square-foot industrial asset in Fort Worth, Texas. The recently-acquired property sits on almost 40-acres at 16101 Three Wide Drive. Built in 2014, the distribution center is equipped with an ESFR sprinkler system and features 34-foot clear heights, truck courts ranging between 130 and 185 feet along with 164 dock-high and 4 grade-level loading doors.<\/p>\n

All properties are, on average, within a mile of each market\u2019s major thoroughfares. IDI’s Speedway Distribution Center is located alongside State Route 114, less than 3 miles from Interstate 35 West and some 20 miles northwest of Dallas\/Fort Worth International Airport.<\/p>\n

A booming asset class<\/h2>\n

Industrial sales surpassed $30 billion in the first seven months of the year, according to CommercialEdge data. This year through July, the national average sale price was $108 per square foot, representing a 22.4 percent growth over 2020.<\/p>\n

Recently, Prologis acquired Safari Business Park<\/a>, a 440,000-square-foot industrial park in Las Vegas. The company is also expanding its Community Workforce Initiative, a training program with a goal to train 25,000 individuals for employment within the transportation, distribution and logistics sector by 2025. That employment sector is set to reach 1.6 million workers in 2022, according to estimates from the U.S. Bureau of Labor Statistics.<\/p>\n

One of the country’s largest industrial users, Amazon, opened a fulfillment center<\/a> totaling 1 million square feet in Montgomery, N.Y., last week. The e-commerce giant is also close to moving in to a 3.8 million-square-foot facility in Clay, N.Y., developed by Trammell Crow Co.<\/p>\n","protected":false},"excerpt":{"rendered":"

PGIM Real Estate provided financing for properties in five states.<\/p>\n","protected":false},"author":1763,"featured_media":1004551639,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1586,21825,21748,23891,21742],"tags":[33822,1815,34714],"class_list":["post-1004551638","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dallas","category-finance","category-industrial","category-national","category-latest","tag-glp","tag-national","tag-pgim-real-estate"],"acf":[],"yoast_head":"\nGCP Lands $250M Industrial Portfolio Loan - 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\/gcp-lands-250m-industrial-portfolio-loan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GCP Lands $250M Industrial Portfolio Loan\" \/>\n<meta property=\"og:description\" content=\"PGIM Real Estate provided financing for properties in five states.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/gcp-lands-250m-industrial-portfolio-loan\/\" \/>\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=\"2021-09-27T12:31:40+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T10:46:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/09\/IDIs-Speedway-Distribution-Center-Building-A-e1632740309895.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"957\" \/>\n\t<meta property=\"og:image:height\" content=\"717\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Agota Felhazi\" \/>\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\/gcp-lands-250m-industrial-portfolio-loan\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/gcp-lands-250m-industrial-portfolio-loan\/\",\"name\":\"GCP Lands $250M Industrial Portfolio Loan - 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