TA Realty LLC announced that it sold an 8.3 million-square-foot, 96-property logistics portfolio for $1.04 billion to AEW Capital Management and Blackstone on behalf of one of its closed-end value-added funds.
AEW Capital Management has acquired the portfolio’s 28 Texas-based properties. Blackstone has purchased the portfolio’s 68 properties, situated in ten high-growth markets across the United States.
The portfolio contains more than 325 tenants and was 91 percent occupied as of July 1, 2019.
”Aggregating high quality, national industrial portfolios has been a hallmark of our investment strategy for over 30 years. The value created for our investors by this transaction further demonstrates our expertise in assembling highly sought-after last mile logistic portfolios,” said James Raisides, Partner at TA Realty.
“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,” said Nadeem Meghji, Senior Managing Director and Head of Real Estate Americas at Blackstone.
The TA Realty team members involved in the transactions included Greg Bonomo, Ridgley Provencal and Luke Marchand. CBRE National Partners represented the company in transaction negotiations.