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Denver-based ProLogis, one of the world’ds leading industrial landlords, has completed a sale of 33.2 million squarer feet to the Teachers Retirement System of Texa s andits partner, Stockbridge Real Estate Funds, a San Franciscl investment period. The sale includesw 1.1 million square feet of industrial space in thePortlanrd area, much of it centered in the Airpor Way submarket. Steve Steppe, managing directo r of Stockbridge’s San Francisco office, confirmed the sale closed as expected during thesecond quarter, but provided no additionakl details.
The ProLogis sale is the first mega-dealp to close since credit markets froze last year and has the potentialk to establishnew recession-era values for industrial real estate. Propertieds such as the ones ProLogis operates have soldfor $60 to $80 a squarre foot in recent years. The ProLogis portfolio was publicl y valuedat $1.43 billion or $43 per square
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