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Denver-based ProLogis, one of the world’s leadingy industrial landlords, has completee a sale of 33.2 millionh square feet to the Teachers Retirement Syste m of Texas andits partner, Stockbridge Real Estate a San Francisco investment period. The sale includes 1.1 millio n square feet of industrial space in the Portland much of it centered in the Airport Way Steve Steppe, managing director of Stockbridge’s San Francisco confirmed the sale closed as expected during the seconf quarter, but provided no additional details.
The ProLogis sale is the firsty mega-deal to close since credit markets froze last year and has the potentialo to establishnew recession-era values for industrial real estate. Properties such as the ones ProLogis operatew have soldfor $60 to $80 a squarre foot in recent years. The ProLogis portfolio was publicly valuedat $1.432 billion or $43 per squarw foot.
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