Industrial Property Trust Inc. obtained stockholder approval for the planned sale of substantially all of its assets to affiliates of industrial real estate investment trust Prologis Inc.

At the Dec. 11 meeting, the shareholders also approved the proposed conversion of the company's legal form of organization to a Maryland REIT from a Maryland corporation and its subsequent liquidation and dissolution.

The Prologis deal is expected to close Jan. 8, 2020, subject to the satisfaction or waiver of all closing conditions.