PGIM Finances $74.5M for Chicago Rail-Served Industrial Portfolio
PGIM Real Estate has provided $74.5 million in fixed-rate financing to Stonepeak for the acquisition of a three-asset, rail-served industrial portfolio located in Elwood, Illinois, just outside of Chicago.
The three industrial buildings are 100% leased and total 1,726,170 square feet. The assets are located within the CenterPoint Intermodal Center (CIC), a master-planned intermodal development that ranks among the top five busiest ports in the U.S. The three buildings also have access to the BSNF intermodal terminal, which is one of two intermodal terminals driving demand within the CIC.
“We are excited to finance Stonepeak’s acquisition as it expands its real estate portfolio, which targets opportunities at the intersection of infrastructure and real estate,” said Tom Goodsite, managing director at PGIM Real Estate, who led the financing for the transaction. “The industrial sector remains a priority asset class for PGIM Real Estate’s lending strategy, as it has maintained stable and promising fundamentals.”
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