PGIM Real Estate and National Development Sell Class A Industrial Building at East Hartford Logistics & Technology Park

PGIM and National Development have completed the sale of a Class A industrial building within East Hartford Logistics & Technology Park, a 2.5-million-square-foot development in East Hartford, Conn., the firms announced Feb. 11, 2026. The transaction was executed on behalf of PGIM's U.S. core-plus real estate equity investment strategy and marks the first of two industrial buildings within the park to change hands.

Deal Overview

The joint venture between PGIM and National Development developed the East Hartford Logistics & Technology Park, which was completed in 2024. The park positions itself as a logistics gateway to the tri-state and New England regions.

Financial terms of the transaction, including sale price, price per square foot, and capitalization rate, were not disclosed. The buyer was not identified in the announcement.

Soultana Reigle, head of U.S. equity for PGIM's real estate business, said the park's location and construction quality drove demand from large-format logistics users in a supply-constrained market.

"East Hartford Logistics & Technology Park's strategic location and state-of-the-art construction have made it an attractive option for big box users in the supply-constrained Northeast industrial market," Reigle said. "The sale of the first of two buildings in the development marks a significant milestone for our investment strategy and is a testament to our ability to create value on behalf of our investors."

About the Property: East Hartford Logistics & Technology Park

East Hartford Logistics & Technology Park comprises two large industrial buildings completed in 2024. The park spans approximately 2.5 million square feet across the two buildings and is fully leased to Lowe's and Wayfair. The specific building sold, its individual square footage, and the individual tenant allocations were not disclosed in the announcement.

PGIM Real Estate: Net AUM and Investment Strategy

PGIM is the second-largest real estate investment manager in the world, according to Pensions & Investments' "Largest Real Estate Investment Managers" list published in November 2025, which surveyed 63 firms and ranked managers by global real estate assets under management as of June 30, 2025. As of Sept. 30, 2025, PGIM reported net AUM of $139 billion and assets under advisement of $49 billion across its real estate business.

The East Hartford disposition was executed on behalf of PGIM's U.S. core-plus real estate equity investment strategy.

National Development's Role

National Development, a vertically integrated real estate investment, development, and management firm, served as co-general partner on the project. The firm has a track record of delivering large-scale industrial, residential, life science, and senior housing projects across the Northeast.

A second building within the park remains in the joint venture's portfolio. No timeline or plans for its disposition were disclosed in the announcement.

Sources:
PGIM Press Release – Feb. 11, 2026