PGIM Real Estate Provides $250M Acquisition Financing for Five-State Core Logistics Portfolio
SANTA MONICA, CALIF. — PGIM Real Estate has provided $250 million in fixed-rate debt to Santa Monica-based GLP Capital Partners LP. The funds will be used to acquire a five-property core logistics portfolio located across Atlanta, Dallas-Fort Worth, Chicago, Memphis and California’s Central Valley.
All five of the properties were acquired on behalf of GLP Capital Partners IV, a closed-end, discretionary private equity fund. The portfolio is fully leased to four nationally recognized companies, all of which are investment grade credit tenants, according to PGIM. The seller and price were not disclosed.
The five properties total 3.2 million square feet and are located within an average of one mile from each region’s primary transportation arteries.