NEW YORK CITY—Brookfield Property Partners LP is gaining significant industrial heft with its just-announced purchase of one of the country’s largest developers. The locally based company is acquiring Industrial Developments International Inc. of Atlanta from the US subsidiary of Kajima Corp. in a deal worth $1.1 billion

The resultant company will create one of the largest industrial property entities in North America. When the deal closes in the fourth quarter, Brookfield will have an industrial portfolio encompassing more than 62 million square feet of operating assets and more than 79 million square feet of future development potential with operations in North America, Europe the Middle East and China, making it one of the largest global owners of industrial and logistics facilities.

“The combined business will own irreplaceable assets and development sites near major markets and transport routes, with a 25 year track record of delivering superior service, and is now positioned for significant long term growth,” says Ric Clark, chief executive officer of Brookfield Property Group.

IDI has amassed a 27-million-square-foot portfolio since it was formed in 1989. Its 75 high-quality distribution facilities span 12 states and serve major North American consumer product, retail and industrial companies. The company also has 49 million square feet of future development projects and a significant third party property management business.

“Brookfield will be an exceptional parent organization and we are enthusiastic about starting a positive new chapter for IDI,” says Timothy J. Gunter, IDI’s president and CEO. “With Brookfield’s backing, we have an exciting opportunity ahead of us to strengthen IDI’s presence in the current markets we serve and potentially in uncharted territory.”

Brookfield Property Partners will own a quarter of IDI, with Brookfield’s institutional partners holding the balance.