Logistics real estate provider ProLogis, adjusting its holdings after merging with AMB Property, says it will sell 13 warehouse properties across the United States to Clarion Partners for $118 million.
The sites total 2.8 million square feet in nine markets, including Dallas and Columbus, Ohio, ProLogis said.
"This disposition is part of our continuing program to enhance investor returns in our private capital funds," said Guy F. Jaquier, CEO of Prologis.
"We are selectively selling properties where we have maximized value or where they no longer fit our strategic goals and objectives," said Jaquier.
The sale is the largest disposal of property since ProLogis and AMB executed their all-stock merger in June, and with 600 million square feet of distribution center space the real estate investment trust remains the world’s largest manager of logistics facilities.
The business last month reported a $151.5 million loss in a second quarter laden with special charges, largely related to the merger and the disposal of real estate. Its core earnings before interest, taxes, depreciation and amortization more than doubled to $352 million.
Clarion says the sold properties are “highly functional” distribution centers in “leading sub-markets of their respective metropolitan areas” that are more than 90 percent leased, on average.
The facilities are in Atlanta, Cincinnati, Columbus, Dallas, Indianapolis, San Antonio, Phoenix, Salt Lake City and Tracy, Calif.