PGIM Real Estate announced it has provided a $120 million loan on behalf of its core debt strategy to Stonepeak for the acquisition of a nine-asset industrial portfolio in Jacksonville, Fla.
The portfolio is 100 percent leased and comprises 1,843,368 square feet across nine properties, with an average vintage of 1990. The assets are in infill locations within the Northside and Westside submarkets, are rail served, and provide access to the Port of Jacksonville, and the CSX and Norfolk Southern Intermodals.
“PGIM Real Estate continues to identify attractive investment opportunities in the industrial sector, particularly in growing logistics markets like Jacksonville, with its strategic access to ports,” said Tom Goodsite, managing director at PGIM Real Estate, who led the financing for the firm. “We have a strong owner and operator in Stonepeak and appreciate that these transit focused assets have strong, sustained fundamentals. We’re excited to help Stonepeak
