PGIM Real Estate continued its industrial buying binge this month with the purchase of a $700M industrial portfolio.

The transaction, which PGIM completed in partnership with Perlmutter Investment Co.’s IAC Properties, comes just weeks after the firm paid $425M for another 15-building industrial portfolio. It includes 30 properties with a total of 5.4M SF of prime e-commerce-centric space in the key logistics markets of Los Angeles, the Chicago Metropolitan area, Seattle, Dallas-Fort Worth and Louisville, Kentucky.

The portfolio is 97% leased and offers tenants proximity to regional distribution hubs and transportation outlays that allow for the effective transportation of goods inside and outside those markets.

Despite confusion about the future of the commercial real estate market overall, the industrial sector remains resilient nationwide. A recent report from Transwestern says DFW alone has seen rents on active industrial leases rise 14% year-over-year, with net absorption up 2.9%. This is the second portfolio acquired by PGIM in the past month with properties located in DFW.

“Despite the near-term impacts of COVID-19, we’re seeing continued growth in the U.S. industrial sector and particularly in these high barrier-to-entry locations," PGIM Global Chief Operating Officer Cathy Marcus said in a statement. "We expect that this portfolio will outperform the national forecast over the long term."

PGIM owns more than 107M SF of industrial space worldwide and about 45M SF in the U.S. In the third quarter of this year alone, the firm acquired 49 industrial assets with a total of 12.3M SF across the U.S.