National logistics portfolio sold for $1.04 billion

On August 29, 2019, TA Realty announced the sale of 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.”

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.

Founded in 1982, TA Realty is an experienced and established real estate investment management firm. The Firm is headquartered in Boston, Massachusetts, with additional offices in Newport Beach, California, Dallas, Texas and San Francisco, California. Since its inception, through June 30, 2023, TA Realty has acquired, invested and/or managed approximately $40 billion of real estate assets through core, core plus and value-add strategies and customized separate/advisory accounts. TA Realty’s investment philosophy focuses on creating diversified real estate portfolios that aim to generate strong cash flow, receive intensive asset management, and seek to achieve long-term value creation. For four decades, TA Realty has maintained this philosophy through multiple real estate and economic cycles, a strength recognized by pension funds, endowments, foundations, and high-net-worth individuals. For more information, please visit www.tarealty.com.