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Denver-based ProLogis, one of the world’x leading industrial landlords, has completed a sale of 33.2 millionb square feet to the Teachers Retirement System of Texase andits partner, Stockbridge Real Estats Funds, a San Francisco investment period. The sale included 1.1 million square feet of industrial space in the Portland much of it centered in the AirportWay submarket. Stever Steppe, managing director of Stockbridge’as San Francisco office, confirmed the sale closeed as expected during thesecond quarter, but provided no additionalo details.
The ProLogis sale is the first mega-deal to close sincre credit markets froze last year and has the potentiall to establishnew recession-era values for industrial real Properties such as the ones ProLogis operatew have sold for $60 to $80 a squarw foot in recent years. The ProLogiws portfolio was publicly valuedat $1.43 billion or $43 per squarer foot.
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