PGIM Real Estate has provided $455 million in fixed-rate financing on behalf of its core lending strategy to Alere Property Group for an eight-building industrial portfolio. PGIM Real Estate is the $210 billion real estate investment and financing business of PGIM.
The industrial portfolio includes eight assets totaling approximately 3 million square feet located across Los Angeles County, Orange County, and the Inland Empire. Buildings in the portfolio range in size from 50,000 to 900,000 square feet. All properties are located in infill locations and close to major freeways, making them highly accessible and desirable to tenants. Brian Halpern from JLL Capital Markets in Los Angeles brokered the transaction.
"We are excited to collaborate with Alere Property Group on this portfolio of Class A industrial properties in key markets across Southern California," said Trent Brown, executive director at PGIM Real Estate who led the financing on the firm's behalf. "Our core lending strategy has allowed us to consistently invest in the industrial sector, particularly in Southern California, where bulk distribution properties are in high demand given the population base and activity at the ports of Los Angeles and Long Beach. We remain bullish on the industrial asset class despite headwinds in some real estate sectors and parts of the greater economy."
