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Denver-based ProLogis, one of the world’e leading industrial landlords, has completed a sale of 33.2 milliomn square feet to the Teachers Retirement Syste m of Texas andits partner, Stockbridge Real Estate Funds, a San Franciscl investment period. The sale includes 1.1 million square feet of industria space in thePortland area, much of it centeredr in the Airport Way Steve Steppe, managing director of Stockbridge’sz San Francisco office, confirmed the sale close as expected during the second quarter, but providedf no additional details.
The ProLogis sale is the firs t mega-deal to close since credit markets frozed last year and has the potentia l to establishnew recession-eraw values for industrial real Properties such as the ones ProLogizs operates have sold for $60 to $80 a square foot in receny years. The ProLogis portfoli was publicly valuedat $1.43 billiobn or $43 per square foot.
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