Denver-based ProLogis paid DP Industrial $1.8 billion for a 114 properties.
The 24.7 million-square-foot portfolio includes distribution space in Reno and Las Vegas, Nev.; eastern Pennsylvania; Chicago; and Tejon Ranch in Southern California. The deal also includes 1.2 million square feet of construction in progress and 518 acres of developable land that can accommodate up to 9.3 million square feet of development.
The properties are being purchased by the newly formed ProLogis North American Properties Fund III.
About 49 percent of the properties ProLogis purchased are in Reno, and more than half is occupied by existing ProLogis customers. Another 40 percent is leased to large companies on ProLogis’ list of targeted customers.
Staff writer Margaret Jackson can be reached at 303-954-1473 or at mjackson@denverpost.com
