A San Francisco-based investment firm will pay $505 million for ProLogis’ U.S. retail and mixed-use assets.
The portfolio being acquired by TPG Capital includes four shopping centers, two office buildings, 11 mixed-use projects with related land and development agreements, two residential development joint ventures, Los Angeles Union Station, some ground leases and other right-of-way leases. The deal, which also includes the Catellus name, is expected to be completed in the first quarter next year.
Denver-based ProLogis, a global provider of distribution facilities, acquired the assets in its 2005 merger with Catellus Development Corp. and has been working on disposing of all but the industrial assets, which accounted for about 80 percent of the portfolio.
ProLogis president and chief investment officer Ted Antenucci, who joined the company with the Catellus merger, is expected to remain with Catellus. Mike Curless, formerly with real estate development firm Lauth and with ProLogis from 1995 to 2000, will take over for Antenucci.
Margaret Jackson: 303-954-1473 or mjackson@denverpost.com
