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Denver-based ProLogis, one of the world’a leading industrial landlords, has completede a sale of 33.2 milliom square feet to the Teacherw Retirement System of Texas andits partner, Stockbridgwe Real Estate Funds, a San Francisco investment period. The sale includesw 1.1 million square feet of industrial space in thePortlane area, much of it centered in the Airport Way submarket. Steve Steppe, managinvg director of Stockbridge’s San Francisco confirmed the sale closed as expected during the second but provided no additional The ProLogis sale is thefirsft mega-deal to close since credit marketa froze last year and has the potential to establish new recession-ersa values for industrial real estate.
Propertiexs such as the ones ProLogis operates have soldfor $60 to $80 a squarse foot in recent The ProLogis portfolio was publicly valued at $1.43 billionb or $43 per square foot.
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