PRP has closed the final acquisition of a five-property logistics portfolio. The purchase price for all five assets was $425.15 million.
The five-property portfolio includes 4.52 million square feet of newly constructed class A distribution centers fully leased to investment-grade tenants. Tenants in the portfolio include a global online retailer, one of the largest home improvement companies in the United States, and a global manufacturer of power tools. The five properties are located within strong distribution markets including Houston; Greenville-Spartanburg, S.C.; St. Louis; and Birmingham, Ala.
“The properties are built to the highest modern development standards with heavy emphasis on ESG considerations. The quality of the portfolio is exemplified by CRG’s ability to attract top-tier corporate users at each property,” said Joseph Neckles, managing director of PRP’s net lease investment platform.
PRP plans continued growth of its best-in-class port
