Industrial Real Estate Roundup: Property titans purchase, develop industrial warehouses – FreightWaves

Real Estate Roundup is a weekly rundown of developments in the world of industrial real estate used for logistics and transportation. This week: Prologis, Brookfield and Greek Development aggressively pursue industrial real estate development.

The COVID-19 pandemic has unquestionably had a negative impact on various facets of the economy, from the pace of new job creation to the value of hotels and retail stores.

What doesn’t seem to have slowed much is the appetite of large real estate investment trusts to gobble up industrial properties and build new ones.

Prologis Inc. (NYSE: PLD), the San Francisco-based real estate investment trust, in September acquired a 70,000-square-foot warehouse in Chicago’s Near West Side district for $12 million, according to Crain’s. Based on the warehouse’s location near the Fulton Market District, Prologis may convert the facility to last-mile warehouse space.

Just south of the Near West Side property, the McKinley Park and Bridgeport neighborhoods of Chicago also have recently drawn interest from last-mile warehouse developers. Logistics Property Co. is building a 138,000-square-foot urban distribution center in the area.

Also in Chicago, Brookfield Properties this summer acquired a 220,000-square-foot industrial facility that’s leased to a transportation and logistics services company, according to a media report. Brookfield described the property as a last-mile facility with good access to the Chicago market.

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Photo: Jim Allen/FreightWaves

That deal followed a transaction that Brookfield closed earlier this summer in Southern California. Brookfield paid $64 million to buy two industrial warehouses in Carson
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