The portfolio's 90 assets are located in 11 markets in Portland, Seattle, Northern California, Dallas, Atlanta, Florida Chicago and Houston, according to the sources. The sources did not break down the purchase further and did not reveal the size of the stake or the purchase price, but one buy-side source did confirm that news reports of the transaction totaling 33 million square feet are false.

ProLogis indeed had been marketing 33 million square feet that has been valued by third parties at $43 per square foot or $1.43 billion, according to multiple reports, but it wasn't looking to sell all of the assets. In February, ProLogis chief investment officer Ted Antenucci said ProLogis had received 80 offers for several different portfolios.

"We don't intend to sell all the assets that we have offers on but the demand has been significant and interest almost high," Antenucci said on a conference call with analysts. "We expect to conclude a sale or some sales sometime in the end of the first quarter or early second quarter and no pricing is going to come up, so we expect to see [cap rate] pricing in the single digits and that's where the competitive offers are right now."

Sales prices on the Seattle-area portion of the portfolio ranged from $56- to $66 per square foot, according to King County property records. The Seattle-area properties in the deal include Kent 64 Distribution Center (199,806 SF; $11.45M), Kent 72 Distrbution Center (157,520 SF; $9.28M) , ProLgois Park/Van Doren's Building 2 (154,300 SF; $9.41M) and Andover East Business Center (93,000 SF; $6.14M).

The Portland assets in the deal sold for between $48- and $51 per square-foot, according to Multnomah County Property Records. The properties included 13802-14134 NE Airport Way (182,900 SF; $8,77M), 15311-15617 NE Airport Way (218,400 SF; $10.98M) and 13909-14039 NE Airport Way (157,950 SF; 8.05M).

A source with TRSTexas tells GlobeSt.com that TLF Logistics "currently does not have any leverage" and that its investment in the fund is part of TRSTexas' "core" portfolio. The investment "is projected to exceed historical 'core' returns," the source tells GlobeSt.com. ProLogis is declining comment until it makes an official announcement.