ProLogis Closes Sale of $1 Bil. Portfolio to Blackstone

ProLogis (NYSE: PLD), the world's prime warehouse and allocation center owner, has closed the sale of a portfolio of North American engineering properties to Blackstone Real Estate Advisors and a minority concentration in a hotel to Hilton Worldwide for $1.01 billion, in a business reported by CoStar in a news story a little over a month ago.

The company conventional cash proceeds of $804 million, net of linked expenses and support of a preferred equity attention in the Blackstone entity that is acquiring the industrial collection of approximately $190 million. Blackstone also receives ProLogis' 25% interest in the Hilton New Orleans waterside hotel. The Denver-based warehouse owner and developer also expects to close the sale of stakes in three North American belongings funds to Blackstone in December after completion of managerial circumstances.

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Italian company eyes Park 94 in Mt. Pleasant

Last week Naples, Italy-based Seda International wrapping Group SpA and Gov. Jim Doyle announce that the company plans to locate its new North American developed facility in Racine County, create 189 jobs.

Other than officials declined to say precisely where the company will locate.

“The company has not strong-willed on an exact location yet,” said situation Department of Commerce spokesman Tony Hozeney. “That message will come later.”

But, commercial real estate sources told BizTimes Milwaukee that the business plans to purchase a 323,610-square-foot building in the Park 94 progress in Mt. Pleasant from Chicago-based HSA Commercial Real Estate.

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