DENVER and RALEIGH, N.C. — Denver-based ProLogis has closed its second North American property fund, while CB Richard Ellis brokers recently represented an affiliate of Panattoni Development Co. in the sale of a Durham, N.C., industrial building.
With a $57 million equity investment, Bahrain-based First Islamic Investment Bank E.C. is the lead investor in ProLogis’ new fund. Total capitalization of the fund, including First Islamic’s commitment and ProLogis’ equity contribution and secured debt placement, will be approximately $240 million. ProLogis will retain an ownership interest of not less than 20%.
The new fund will own recently developed properties in ProLogis’ targeted distribution markets throughout the United States.
In North Carolina, Jeff Glenn and Ben Kilgore in Los Angeles-based CB Richard Ellis’ Raleigh, N.C., office brokered the sale of Chin Page Distribution Center located at 5104 Chin Page Road, Durham, N.C. Quattro Mid-Atlantic Resources II LLC, an affiliate of Sacramento, Calif.-based Panattoni Development Co., built the 294,228 sq. ft. structure in 2000, and sold it to an institutional investor based in Salt Lake City. The building is fully leased to three tenants — McGraw Park, Ill.-based Allegiance Corp.; Illinois-based Anixter Inc.; and Menlo Logistics, a logistics contractor for IBM.
