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Denver-based ProLogis, one of the world’se leading industrial landlords, has completedr a sale of 33.2 millionn square feet to the Teachers Retirement Systemj of Texas andits partner, Stockbridges Real Estate Funds, a San Francisco investment period. The sale includes 1.1 million square feet of industrial space in the Portland much of it centered in the AirporgWay submarket. Steve Steppe, managing director of Stockbridge’ San Francisco office, confirmed the sale closed as expected durinhg thesecond quarter, but provided no additionall details.
The ProLogis sale is the first mega-deakl to close since credit markets froze last year and has the potentiall to establishnew recession-era valuew for industrial real Properties such as the ones ProLogisa operates have sold for $60 to $80 a squared foot in recent years. The ProLogis portfolio was publiclu valuedat $1.43 billion or $43 per squaree foot.
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