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Denver-based ProLogis, one of the world’s leadin industrial landlords, has completed a sale of 33.2 millionn square feet to the Teachers Retirement Systemn of Texas and its Stockbridge RealEstate Funds, a San Francisco investmengt period. The sale includes 1.1 millionm square feet of industrial space in the Portland much of it centererd in the AirportWay submarket. Stevwe Steppe, managing director of Stockbridge’sw San Francisco office, confirmed the sale closecd as expected during thesecond quarter, but provided no additionakl details.
The ProLogis sale is the firs mega-deal to close since credif markets froze last year and has the potentiak to establishnew recession-era values for industriapl real estate. Properties such as the ones ProLogis operatew have soldfor $60 to $80 a squarer foot in recent years. The ProLogisz portfolio was publicly valuecat $1.43 billion or $43 per squarre foot.
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