TA Realty LLC, a U.S. private real estate investment firm, has sold a portfolio of industrial and office assets to funds managed by Brookfield Asset Management. The portfolio, consisting of 45 assets totaling 8.6 million square feet, was sold for US$854.5 million. TA Realty said the properties are located in 12 states and include locations in major U.S. cities. Toronto-based Brookfield sponsors private funds that invest in office, retail, multifamily, industrial, hospitality and alternative real estate sectors.
TA Realty Sells Industrial and Office Portfolio to Brookfield for $854.5 Million
High-quality, nationally-diversified portfolio comprises 45 assets totaling 8.6 million square feet
April 04, 2017
BOSTON–(BUSINESS WIRE)–TA Realty LLC, a leading provider of real estate investment management services to institutional and private investors, today announced that, on behalf of The Realty Associates Fund IX, L.P. (“Fund IX”), it has sold a 45-asset portfolio (the “Portfolio”) to Brookfield-managed real estate funds for $854.5 million.
“With this sale, we have successfully monetized a significant number of assets in Fund IX, including all of the remaining industrial assets,” said Tom Landry, Managing Partner at TA Realty. “We believe the outcome of this transaction represents an attractive risk-adjusted return on invested capital, and we look forward to distributing the proceeds to our investors.”
Comprising a mix of high-quality industrial and office properties aggregating 8.6 million square feet, the Portfolio is nationally-diversified with assets located across 12 states. The vast majority of the properties are leased to investment grade tenants and situated in high-barrier-to-entry markets, including Los Angeles, Dallas, Chicago and Washington, DC metros.
Fund IX is part of TA Realty’s flagship fund series that focuses on creating diversified real estate portfolios that generate strong cash flow, benefit from intensive asset management and result in long-term value creation. A commingled fund with $1.49 billion in equity capital, Fund IX received commitments from a diverse group of institutional investors.
Mr. Landry continued, “We are actively pursuing additional individual and pooled transactions for the remaining Fund IX assets and have received strong interest from a number of well-capitalized parties.”
The TA Realty team members involved in the transactions include Partners Nicole Dutra Grinnell, Michael Haggerty, Jim Raisides and Dispositions Officer Luke Marchand. JLL represented TA Realty in transaction negotiations.
About TA Realty
TA Realty is among the largest and most experienced providers of real estate investment management services to institutional and private investors. Since its inception in 1982, TA Realty has managed more than $25 billion of real estate assets through a series of value-added, commingled funds and customized core separate accounts. TA Realty’s investment philosophy focuses on creating diversified real estate portfolios that generate strong cash flow, benefit from intensive asset management and result in long-term value creation. For more than three decades, TA Realty has maintained this philosophy through multiple real estate and economic cycles, a strength recognized by leading pension funds, endowments, foundations and high net worth individuals. For more information please visit www.tarealty.com.
For TA Realty LLC
Jason Chudoba, 646-277-1249
Angela Bonnici, 646-277-1276
Photo courtesy of Brookfield Asset Management