DENVER-Prudential Real Estate Investors has acquired a 50% stake in two industrial parks here from locally based ProLogis Trust. Parsippany, NJ-based PREI says it is investing $40 million in the venture on behalf of institutional investors in a large commingled fund. Additional deal terms were not disclosed.
PREI purchased a 50% interest in ProLogis Park 70, a 159-acre industrial park at Interstate 70 and highway E-470 in the Denver suburb of Aurora. It also acquired a 50% interest in EastGate, an undeveloped 295-acre park at the same intersection. The partnership expects to jointly develop buildings at the two sites over the course of the next seven to 10 years.
According to local sources, the land could hold several million sf of industrial space. "With Denver poised for growth, this transaction gives us an opportunity to build a significant industrial presence in the region," says PREI's Chicago based VP Collete English Dixon.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.