PGIM Real Estate has provided $250 million in fixed-rate debt to GLP Capital Partners LP (GCP) for the financing of a five state, five property core logistics portfolio located across Atlanta, Dallas-Fort Worth, Chicago, Memphis and California’s Central Valley.
All five of the properties were acquired on behalf of GLP Capital Partners IV, a closed-end, discretionary private equity fund.
In aggregate, the portfolio is fully leased to four nationally recognized companies, all of which are investment grade credit tenants.
The properties, totaling 3.2 million square feet, are strategically located within an average of one mile from each region’s primary transportation arteries, enabling tenants to efficiently service their customers, businesses and supply chains with same-day and next-day delivery.
“Core logistics real estate has been one of the greatest beneficiaries of the e-commerce boom accelerated by the stay-at-home dynamics of the pandemic,” said Trevor Arnholt, vice president at PGIM Real Estate who led the debt origination effort on the firm’s behalf.
“This portfolio is geographically diversified across the strongest distribution markets in the country.”