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The board also authorized $2.05 billion to develop a new AirTrain Newark to serve Newark Liberty International Airport. The new AirTrain would replace the existing three-mile monorail system that opened in 1996.
The new owner plans to undertake a $20-million capital improvement program at the property that consists of 26 three-story apartment buildings spread out over 10 acres.
As part of the transaction Prologis plans to sell $3.5 billion of assets including $2.8 billion of non-strategic logistics properties and $700 million of office properties.
ADISA's recent 2019 Annual Conference & Trade Show here is Las Vegas reported that 12 opportunity zone funds are currently covered by the alternative direct investment platform.