Atlanta-based IDI, which owns a growing set of big-box warehouses along the New Jersey Turnpike in South Brunswick, is merging with Houston-based Verde Realty in a $1.1 billion deal that will double IDI's North American portfolio.
IDI announced the deal today with Verde, a real estate holding of Brookfield Property Partners LP, creating a combined asset value of more than $2 billion, according to a news release. The transaction brings IDI's building total to 179 and increases its portfolio to 45 million square feet.
The deal follows the August announcement that Brookfield would acquire IDI for $1.1 billion from Kajima Corp. of Japan.
IDI's footprint in New Jersey includes a new 750,000-square-foot facility at Exit 8A, which started as a speculative project but has since been leased by Williams-Sonoma. The San Francisco-based home goods seller also occupies a 1.35 million-square-foot warehouse and distribution center nearby.
And IDI is building a 450,000-square-foot building, also on spec, alongside the two South Brunswick properties in a complex known as Middlesex Center.
Verde does not have any properties in New Jersey, according to its website.
The new entity will operate under the IDI name, with offices in 11 cities in North America, the news release said. IDI President and CEO Timothy Gunter will retain his title.
IDI's landholdings now include 53 million square feet of buildable space.
In a prepared statement, Gunter said, "By combining our assets and expertise, our footprint becomes broader, our asset base and balance sheet stronger, and we are better able to pursue acquisition of product."