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Clarion Partners Acquires Prologis Warehouse Portfolio For $118M

Denver-Based Warehouse REIT Continues Disposition of Strategic Assets
August 24, 2011
Clarion Partners LLC acquired a 2.8 million-square-foot industrial portfolio from Prologis, Inc. (NYSE: PLD) for approximately $118 million. The deal include 13 properties in nine metros including Atlanta, Cincinnati, Columbus, OH; Dallas, Indianapolis, San Antonio, Phoenix, Salt Lake City, and Tracy, CA, in California’s Central Valley.

The purchase, one of the larger warehouse acquisitions of the year, includes the following properties:

  • 6655 S Kyrene Rd, 156,410 square feet, Phoenix;

  • 25149 S Schulte Rd, 204,400 square feet, Tracy, CA;

  • 25176-25188 S Schulte Rd, 200,000 square feet, Tracy, CA;

  • 2200 Cedars Road, 201,600 square feet, Lawrenceville, GA;

  • 2363-2383 East Perry Rd, 346,800 square feet, Plainfield, IN;

  • 10121 Princeton Glendale Road, 91,800 square feet; Cincinnati;

  • 2919-2999 Lewis Centre Way, 378,283 square feet, Grove City, OH;

  • 8800 Global Way, 205,920 square feet, West Chester, OH;

  • 5925 Tri County Parkway, 244,800 square feet, Schertz, TX;

  • 1655 Water's Ridge Dr, 367,744 square feet, Lewisville, TX;

  • 1090 S 3800 W, 103,600 square feet, Salt Lake City;

  • 1030 S 3800 W, 192,200 square feet, Salt Lake City;

  • 675 Wright Brothers Drive, 100,800 square feet, Salt Lake City.

Guy F. Jaquier, chief executive officer of Prologis Private Capital, said the disposition, one of several this year by the Denver-based warehouse and distribution giant, "is part of our continuing program to enhance investor returns in our private capital funds."

"We are selectively selling properties where we have maximized value or where they no longer fit our strategic goals and objectives," Jaquier said in a statement.

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The selling entity, Prologis North American Properties Fund I LLC, a joint venture between Prologis and an institutional partner formed in June 2000, was represented in the transaction by CB Richard Ellis.

Please see CoStar COMPs #2160662 for more information on this transaction.
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