Logistics Property Company, LLC, (LogiPropCo™) a modern logistics real estate developer, investor, and manager based in Chicago, IL, successfully closed a $205 million permanent loan with PGIM Real Estate through its core lending strategy in May 2024. This loan included five projects within the firm’s first develop-to-core fund, LPC Logistics Venture One, LP (“Venture One”), which includes developments in key markets across the United States.
The five projects, totaling nearly 2.7M square feet across seven buildings, include three key markets:
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- Seattle Market: Frederickson ONE, Building 4 and Building 7
- Chicago Market: 94 Logistics Park
- Southeast Pennsylvania / New Jersey Market: Logistics 83 and North Penn Logistics Center
“We are very pleased with the structure and execution of this refinancing with PGIM Real Estate, and grateful for their continued support of our platform,” said Katherine Bernstein, Senior Vice President, Capital Markets for Logistics Property Company. “We are continually impressed with their ease of execution and focus on growing relationships with organizations such as ours.”
“We’re proud of the successful origination of this $205 million loan with Logistics Property Company, as it is a testament to PGIM Real Estate’s ability to efficiently execute large national portfolio transactions,” said Craig Foreman, Executive Director at PGIM Real Estate who led the transaction on the firm’s behalf. “We look forward to continuing to grow our strategic relationship with Logistics Property Company.”
Space is currently available at 94 Logistics Park in Kenosha, WI and North Penn Logistics Center, Building A, in Hatfield, PA. At Logistics 83, two build-to-suit opportunities, Building 2 and Building 3, are available in York, PA.
About Logistics Property Co.
Logistics Property Company, LLC is a logistics real estate operating company and investment manager focused on the acquisition, development, and management of modern logistics properties in key North American markets. The company executes a disciplined investment strategy, ensuring optimal outcomes for our investors, employees, communities, and environment. Headquartered in Chicago, Logistics Property Company has more than 80 employees strategically located across eight markets. Its portfolio is comprised of 57 buildings across 23.9 million square feet with an estimated end value of more than $4.1 billion. For further information, please visit logisticspropco.com.
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About PGIM Real Estate
With US$206 billion in gross assets under management and administration (US$132.5 billion net), ¹PGIM Real Estate provides investors and borrowers access to a range of real estate equity, real estate debt, agriculture, and impact solutions across the risk-return spectrum.
PGIM Real Estate is a business of PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU). PGIM Real Estate’s risk management approach, execution capabilities, and industry insights are backed by a 50-year legacy of investing in commercial real estate, a 140-year history of real estate financing,2 and the local experience of professionals in 35 cities globally. Through its investment, financing, asset management, and talent management approach, PGIM Real Estate engages in practices that strive to ignite positive environmental and social impact, while pursuing activities that seek to strengthen communities around the world. For more information visit pgimrealestate.com.