PGIM Real Estate has completed three property acquisitions, for a total of $346.9 million on behalf of the PGIM Private Real Estate Fund, Inc.
The fund closed on a $168.4 million gross investment of a 34-acre, 570-unit residential community in partnership with the Post Real Estate Group. The property is located in Mill Creek, Washington, approximately 20 miles north of Seattle.
The other acquisitions included a joint venture partnership with Ryan Companies to acquire a 855,000-square-foot Amazon distribution facility near Minneapolis for $100.7 million, and a 358,000-square-foot fully leased New Jersey industrial building in collaboration with Taconic Partners for $77.8 million.
“The real estate market recovery is gaining significant momentum, coming back from a steep value correction across property sectors,” said Darin Bright, Managing Director at PGIM Real Estate. “We believe the real estate market will continue to benefit from positive fundamentals, driven by long-term demographic trends and particularly strong demand in the logistics and living sectors.”
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