Prologis is adding to its Inland Empire portfolio. According to Vizzda records, an entity tracing to Prologis purchased a 311,363 square foot distribution facility for $96.6 million, or approximately $310 per square foot. The seller in the transaction was an entity linked to Gramercy Property Trust, which has been owned by Blackstone since 2018.
The property is located at 3255 Cactus Ave. & 11600 Cactus Ave. in Bloomington and consists of the facility as well as 35.95 acres. The property, which was developed in 2014, is leased to FedEx.
The property is situated in a largely industrial area, with various warehouses occupied by companies like Amazon and Walmart. Several other properties nearby are also occupied by FedEx, according to Google Maps.
Based in San Francisco, Prologis invests in and develops logistics properties across the globe. As of the company’s most recent financial information from June, Prologis owns or has investments in approximately 1.2 billion square feet in 19 countries. The firm also leases space to approximately 6,700 customers.
In late June, it was announced that Prologis would be acquiring nearly 14 million square feet of industrial properties from real estate funds affiliated with Blackstone for $3.1 billion.
“We’re pleased to be working with Blackstone on this deal. These high-quality properties are complementary to our portfolio and fit perfectly into our long-term strategic plan for growth,” said Dan Letter, president of Prologis, at the time of the announcement. “The acquisition demonstrates our unique ability to add significant scale to our portfolio – expanding customer relationships and increasing opportunities for our growing Essentials platform.”
