TA Reality sells logistics portfolio for $1.04 bln

TA Realty has sold a 96-property logistics portfolio for $1.04 billion in two separate deals. In one transaction, AEW Capital Management acquired the portfolio’s 28 Texas-based properties while in another deal, Blackstone acquired the portfolio’s 68 properties.

PRESS RELEASE

BOSTON (September 3, 2019) – TA Realty LLC, a leading provider of real estate investment management services to institutional and private investors, today announced that it sold an 8.3 million-square-foot, 96-property logistics portfolio for $1.04 billion in two separate transactions on behalf of one of its closed-end value-added funds.
In one transaction, AEW Capital Management acquired the portfolio’s 28 Texas-based properties. In the other transaction, funds managed by Blackstone acquired the portfolio’s 68 properties, which are situated in ten high-growth markets across the United States.
“Aggregating high quality, national industrial portfolios has been a hallmark of our investment strategy for over 30 years,” said James Raisides, Partner at TA Realty. “The value created for our investors by this transaction further demonstrates our expertise in assembling highly sought-after last mile logistic portfolios.”
The multi-tenant distribution properties are located across 14 high-growth markets that are served by substantial infrastructure and benefit from convenient access to major transportation arteries. The portfolio contains more than 325 tenants and was 91 percent occupied as of July 1, 2019.
Nadeem Meghji, Senior Managing Director and Head of Real Estate Americas at Blackstone, said, “Logistics remains our highest conviction investment theme. The portfolio we are acquiring from TA Realty is another example of last mile logistics assets that will help meet the growing e-commerce demand.”
This Fund 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.
The TA Realty team members involved in the transactions included Greg Bonomo, Ridgley Provencal and Luke Marchand. CBRE National Partners 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 $30.4 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.