Distribution center and warehouse operator Prologis Inc. has disclosed the sale of a 2.8 million-square-foot industrial building portfolio for about $118 million to New York real estate investment manager Clarion Partners.
The sale was made by the San Francisco-based seller’s Pro-Logis North American Properties Fund I LLC unit.
Prologis said the 13 properties are in Atlanta, Cincinnati, Columbus, Ohio, Dallas, Indianapolis, San Antonio, Phoenix, Salt Lake City and Tracy, Calif.
“This disposition is part of our continuing program to enhance investor returns in our private capital funds,” Guy Jaquier, chief executive officer of Prologis Private Capital, said in a statement. “We are selectively selling properties where we have maximized value or where they no longer fit our strategic goals and objectives.”
“These are highly functional class A assets, located in key logistics markets and population centers across the United States,” Dayton Conklin, senior vice president at Clarion Partners, said in a statement.
CB Richard Ellis Inc. brokered the Prologis-Clarion deal.
ProLogis North American Properties Fund I LLC, a joint venture between Prologis and an institutional partner, was created in June 2000. Prologis also owns warehouses in Europe and Asia.
