Prologis Closes 2 Deals Worth $230M
The largest transaction involves a New Jersey asset.
Prologis has recently closed two deals, a purchase and a sale, worth $229.8 million, according to CommercialEdge data.
The acquisition involved a 600,000-square-foot industrial asset in South Brunswick, N.J., the same source shows. ARC Realty sold the warehouse for $166.8 million.
A $50 million loan issued by Principal Financial Group in 2020 encumbers the property. The note is due to mature in 2030.
The one-story facility features a 36-foot clear height and a 180-foot truck court, as well as 96 docks and four grade-level loading doors. The property was 33 percent leased as of August 2024, CommercialEdge shows. The tenant roster includes YMF Co. and Synnex.
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Located on nearly 35 acres at 201 Middlesex Center Blvd., the 2008-built warehouse is roughly 1 mile from Interstate 95 and some 29 miles southwest of The Port Authority of New York & New Jersey. Prologis’ footprint in New York and New Jersey totaled more than 55 million square feet in September 2024.
Prologis sells to tenant
A few days prior to the New Jersey purchase, Prologis sold a 458,620-square-foot asset in Melrose Park, Ill. The property’s tenant—Interlake Mecalux—purchased it for $63 million, according to CommercialEdge data. The company is a manufacturer of pallet racks, metal shelving and warehousing racking systems.
The warehouse has a clear height of 30 feet, a 141-foot truck court and a total of 30 loading doors, including 14 grade-level docks. The building also comprises a two-story office component.
Completed in 1999, the facility rises on roughly 23 acres at 1600 N. 25th Ave., about 15 miles west of downtown Chicago and less than 7 miles south of Chicago O’Hare International Airport. Prologis was the market’s top commercial real estate owner of industrial assets at the end of September 2024, with a footprint of 81.6 million square feet.
Other recent Prologis deals
In December, Prologis sold another Chicagoland asset. At the time, the property was undergoing an adaptive reuse process transforming it into a data center.
Two months prior, the firm sold a two-property portfolio to EQT Exeter. The 312,604-square-foot collection in Seattle and Portland, Ore., changed hands for $49.9 million.
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