CBRE Group Inc. represented Prologis in the purchase of a 5.4 million-square-foot portfolio consisting of 3.2 million square feet of industrial properties and 2.2 million square feet of retail properties in multiple states.
CBRE then assisted in the sale of the 2.2 million square feet of acquired retail to Blackstone Real Estate Advisors L.P.
The portfolio was acquired from Morris Realty Associates LLC. includes ten industrial assets, eight of which are in Northern New Jersey, totaling 3.2 million square feet, and 13 retail properties totaling 2.2 million square feet.
The retail properties included in the original purchase were sold to Blackstone Real Estate Advisors and include a variety of freestanding, single-tenant, restaurant and multi-tenant shopping centers in New Jersey, Pennsylvania and Florida.
Prologis will retain the 3.2 million square feet of Class A industrial properties for longer-term investment purposes.
Morris contributed the portfolios in exchange for common operating partnership units and a new class of common limited partnership units.
Thomas Monahan, Executive Vice President in CBRE’s Saddle Brook, NJ, office, represented Prologis along with his team members, Noah Balanoff, Anastasia Lazarides, and Gerard Monahan. The retail disposition was led by Bill Kent, Executive Vice President of CBRE Retail Investment Properties.