Prologis, Inc. has agreed to acquire a portfolio of logistics and retail assets from Morris Realty Associates LLC in an off-market transaction for about $820 million.
The 100% occupied portfolio of eight operating and development properties totals 3.2 million square feet. Included in the portfolio are 13 retail properties totaling 2.2 million square feet, which Prologis will market for sale.
The deal includes almost three-quarters of the over 2.8 million square feet of retail space developed or acquired by Morris in 13 shopping centers across Florida and the Tri-State area of New York, New Jersey and Connecticut.
"Portfolios of this size, location and quality are extremely rare," said Nick Kittredge, president, Prologis East region, adding the transaction advances a long-standing relationship with Morris will add high-quality product to our portfolio in northern New Jersey.
A list of the properties acquired by Prologis was not immediately available, but Morris Cos's holding include Ashbridge Square, a 378,685-square-foot power center in Downington, PA; and Concourse Center, a 132,970-square-foot shopping center in Jupiter, FL; and Aviation Plaza, a 400,000-square-foot power center in Linden, NJ.
Morris will contribute the industrial and retail portfolios in exchange for common operating partnership units and a new class of common limited partnership units. The transaction is expected to close in late April 2015.
The Morris Cos., founded in 1971 by Joseph D. Morris, has built over 30 million square feet of industrial warehouse facilities in the Northeast.
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