Industrial real estate investment trust Prologis Inc. closed its acquisition of the wholly owned real estate assets of Industrial Property Trust Inc. for roughly $4 billion in cash, including the assumption and repayment of debt.

The deal comprised 37.5 million square feet and 236 properties, 96% of which are in existing Prologis markets.

Morgan Stanley & Co. LLC and Eastdil Secured LLC were financial advisers to Industrial Property Trust, while CBRE Inc. was real estate adviser and Hogan Lovells acted as legal adviser.