PGIM Provides $120M Acquisition Loan for Industrial Portfolio in North Carolina
DURHAM AND GREENSBORO, N.C. — PGIM Real Estate has provided a $120 million acquisition loan for Patriot Park and Triangle Industrial Portfolio, two industrial campuses totaling 24 buildings in Durham and Greensboro, respectively. Blackstone Real Estate Income acquired the properties, which span nearly 3 million square feet. Tom Goodsite of PGIM originated the floating-rate loan on behalf of Blackstone.
Patriot Park is located at 4032 Patriot Park and 2 Freedom Court on the edge of Research Triangle Park. The property comprises two buildings featuring 30-foot clear heights. Triangle Industrial Portfolio comprises six properties near Piedmont Triad International Airport. The list of properties was not disclosed, and the seller was not disclosed.