Prologis acquires portfolio for $610m
Prologis has closed on its purchase a 21-property portfolio from Morris Realty Associates for approximately $610.7 million.
The portfolio includes 3.2 million square feet of class A industrial operating and development properties located primarily in northern New Jersey and 2.2 million square feet of retail property.
The retail properties are being sold to affiliates of Blackstone Real Estate Advisors. Prologis intends to sell this portion of the portfolio for $374 million, including the assumption of debt. The transaction with Blackstone is expected to close in fourth quarter 2015.
According to Real Capital Analytics, the industrial properties in the portfolio are 355 Davidson Mill Road in Monroe Township, N.J., 951 Convery Blvd. in Perth Amboy, N.J., 1201 W. Edgar Road in Linden, N.J., 45 Patrick Ave. in Edison, N.J., 57-54 Page Place in Maspeth, N.Y., 600 Federal Blvd. in Carteret, N.J., 10075 Philadelphia Road, Rosedale, Md., and 324-396 Wil