On behalf of its U.S. core real estate strategy, PGIM Real Estate has acquired a 30-property industrial portfolio totaling 5.4 million square feet in partnership with Perlmutter Investment Company’s IAC Properties. PGIM Real Estate acquired the portfolio valued at approximately $700 million by recapitalizing an interest in the existing joint venture structure.
Located across Los Angeles, the Greater Chicago area, Seattle, Dallas–Fort Worth, and Louisville, Ky., the portfolio is 97 percent leased and offers users access to key national and regional distribution hubs with robust infrastructure and favorable demographics trends.
“Fundamentals in each of the markets across this portfolio were exceptionally strong heading into 2020,” said Cathy Marcus, global chief operating officer and head of U.S. equity for PGIM Real Estate. “Despite the near-term impacts of COVID-19, we’re seeing continued growth in the U.S. industrial sector and particularly in these high b
