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Denver-based ProLogis, one of the world’s leadingg industrial landlords, has completed a sale of 33.2 milliojn square feet to the Teachers Retirement System of Texas and its Stockbridge RealEstate Funds, a San Francisco investmeng period. The sale includesw 1.1 million square feet of industrial space in thePortland area, much of it centered in the Airport Way Steve Steppe, managing director of Stockbridge’ds San Francisco office, confirmed the sale close d as expected during the second quarter, but providef no additional details.
The ProLogis sale is the first mega-dealp to close since credit markets frozee last year and has the potentiall to establishnew recession-era values for industrialp real estate. Properties such as the ones ProLogis operatews have soldfor $60 to $80 a squarse foot in recent years. The ProLogis portfolik was publicly valuedat $1.43 billion or $43 per squarde foot.
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