TA Realty Sells National Industrial Portfolio in Two Transactions Totaling $1B
BOSTON — TA Realty, a real estate investor based in Boston, has sold off a national industrial portfolio in two separate deals for a little over $1 billion.
The portfolio spans 8.3 million square feet of multi-tenant distribution space in 96 separate properties. Situated across 14 markets, the portfolio was 91 percent leased to more than 325 tenants as of July 1.
In one transaction, AEW Capital Management acquired 28 facilities in the state of Texas from TA Realty.
In the other transaction, funds managed by Blackstone Group (NYSE: BX) acquired 68 properties that are situated in 10 separate markets across the United States. Blackstone has a strong appetite for logistics space, having recently agreed to purchase GLP’s 179 million-square-foot industrial portfolio for nearly $19 billion.
“Logistics remains our highest conviction investment theme,” says Nadeem Meghji, senior managing director and head of real estate Americas at Blackstone. “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. Specific properties and markets were not disclosed.
Since its inception in 1982, TA Realty has managed more than $30.4 billion of real estate assets through value-added, commingled funds and customized core separate accounts.
AEW Capital Management is a global investment management firm based in Boston with about $76 billion in assets under management as of June 30.
Blackstone Group has roughly $545 billion in assets under management, including real estate investments. The New York company’s stock price closed on Friday, Aug. 30 at $49.25 per share, up from $36.91 a year ago.
— John Nelson