Morris Realty Associates, a Rutherford-based developer, has agreed to sell eight warehouses and 13 retail properties to San Francisco-based Prologis for $820 million, according to Prologis.
The companies did not disclose the locations of the properties. Morris Realty Associates is part of the Morris Cos., which operates in New Jersey, New York, Pennsylvania and Florida. Morris executives were not available to comment Thursday, but the company website says it owns warehouse properties in Carteret, Edison, Jamesburg, Linden, Newark and Perth Amboy, as well as in White Marsh, Md., and Maspeth, N.Y.
Prologis said the warehouses it will acquire total 3.2 million square feet. Also included in the sale are 13 retail properties totaling 2.2 million square feet, which Prologis plans to market for sale.
According to the Morris website, the company owns only two retail properties in New Jersey - shopping centers in Voorhees and South Brunswick. Its other retail properties are in Florida, Pennsylvania and New York.
"Portfolios of this size, location and quality are extremely rare," said Nick Kittredge, president of Prologis East Region. The transaction, he said, "will add state-of-the-art product to our portfolio in northern New Jersey."
The transaction is expected to close in April.
Morris was founded in 1971 by Joseph D. Morris and Robert Morris, and has built over 30 million square feet of space, including warehouses for Wakefern, Barnes & Noble, FedEx and other companies.
Prologis owns or co-owns properties totaling about 590 million square feet in 21 countries.
From NorthJersey.com
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