Prologis completes industrial portfolio acquisition in New Jersey

Prologis Inc. has announced the completion of the previously reported acquisition of a property portfolio from Morris Realty Associates LLC.

This portfolio includes 3.2m sq ft of industrial operating and development properties located primarily in northern New Jersey, US and 2.2m sq ft of retail property. The retail properties are subject to a purchase agreement with affiliates of Blackstone Real Estate Advisors L.P.

Prologis intends to sell this portion of the portfolio for $374m, including the assumption of debt. The transaction with Blackstone is expected to close in the fourth quarter of 2015, and is subject to lender consents and customary closing conditions.

Consideration for the transaction consisted of the issuance of $385m of partnership units in Prologis’ operating partnership, priced at $43.11 per unit, and the assumption of debt.