Prologis Pays $200M for Lanham Warehouses, Part of Blackstone Portfolio Buy
By Chava Gourarie August 14, 2023 5:36 pm
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Prologis (PLD) has paid $199.4 million for an industrial complex in Lanham, Md., part of a $3.1 billion industrial portfolio it purchased from fellow industrial heavyweight Blackstone (BX).
A Prologis affiliate purchased a collection of warehouses spanning 711,800 square feet at the 67-acre Hargrove Industrial Campus at 4600 Hargrove Drive, according to property records. The individual warehouses are located at 4400 and 4450 Hargrove Drive and 9300 Martin Luther King Jr. Highway, according to the Washington Business Journal, which first reported the deal.
Prologis first announced the portfolio deal with Blackstone in June, which included 14 million square feet of warehouse and distribution space in key U.S. markets. The company has since spent $97 million on a FedEx distribution center in California’s Inland Empire and $92 million on two South Florida warehouses, in Miami-Dade and Broward counties.
The Blackstone portfolio includes about 1.3 million square feet in the D.C. region, or roughly 9 percent of the total, per Prologis. The largest chunk of the portfolio is in the Atlanta region — at 22 percent — followed by Southern California at 15 percent. South Florida made up just 2 percent of the total, or 280,000 square feet.
Current tenants at the Lanham campus include J.E. Richards and Baldor Specialty Foods, a produce and specialty foods distributor, which leased the entire 4450 Hargrove Drive last fall. The 101,195-square-foot warehouse was completed in 2021, though other parts of the campus date back to the 1960s.
Chava Gourarie can be reached at cgourarie@commecialobserver.com.
