PGIM Real Estate Acquires 4.7 MSF National Industrial Portfolio for $425M


Pictured is one of PGIM Real Estate's newly acquired industrial buildings in Avondale, Arizona, located west of Phoenix. The portfolio of 15 buildings, which totals 4.7 million square feet, sold for $425 million, or about $90 per square foot.

MADISON, N.J. — New Jersey-based PGIM Real Estate has acquired a portfolio of 15 industrial buildings totaling 4.7 million square feet for $425 million.

Four of the buildings are located in the Atlanta metros of Lithia Springs, Buford and Union City. Six of the buildings are located in the Dallas-Fort Worth (DFW) metroplex, and two are located in the Phoenix suburb of Avondale. The remaining three buildings are located in the Denver area, but the addresses and submarkets of those assets were not disclosed.

All of these developments are newly constructed projects or are nearing completion. In addition, the properties all feature 32- to 36-foot clear heights and ample dock doors, which the new ownership cites as key features in marketing to e-commerce users.

“COVID-19 has not only supported the continued rise of e-commerce and distribution demand across the United States, but it has also significantly accelerated the existing trend,” says Cathy Marcus, global chief operating officer and head of U.S. equity for PGIM Real Estate. “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.”

“This transaction enabled us to capitalize on an extremely rare opportunity to acquire a large, high-quality industrial portfolio that would have otherwise taken years to build or assemble,” adds Frank Garcia, managing director and senior portfolio manager for PGIM Real Estate.

Steven Oliveira, Kevin Interlicchio and Laura Nugent of PGIM Real Estate represented the firm internally in the transaction. The seller was not disclosed.

PGIM Real Estate is the real estate investment and financing arm of PGIM, the $1.4 trillion global investment management businesses of Prudential Financial Inc. (NYSE: PRU). Prudential’s stock price opened at $69.33 per share on Monday, Aug. 31, down from $79.11 per share a year ago.

Taylor Williams

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