BOSTON—TA Realty LLC said Tuesday it had sold a 45-asset portfolio of office and industrial assets to real estate funds managed by Brookfield for $854.5 million. Boston-based TA did not release a list of individual properties in the portfolio, which spans 8.6 million square feet across 12 states.

TA sold the portfolio on behalf of its Realty Associates Fund IX LP, a commingled fund that closed in 2010 with $1.49 billion of commingled capital. “With this sale, we have successfully monetized a significant number of assets in Fund IX, including all of the remaining industrial assets,” says Tom Landry, managing partner at TA Realty. “We believe the outcome of this transaction represents an attractive risk-adjusted return on invested capital, and we look forward to distributing the proceeds to our investors.” He adds that the firm is actively pursuing additional individual and pooled sales of the remaining Fund IX assets, and has received “strong interest from a number of well-capitalized parties.”

The majority of the properties are leased to investment grade tenants and situated in high-barrier-to-entry markets, says TA. Those markets include the Los Angeles, Dallas, Chicago and Washington, DC metro areas.

Last month, PERE reported that Brookfield Premier Real Estate Partners, a core-plus real estate fund launched in 2016, was preparing to close on its acquisition of a 7.6-million-square-foot portfolio of industrial properties from TA Realty. The sale price was reportedly north of $600 million in the first transaction from BPREP, which is managed by Brookfield Asset Management.

BPREP will focus mainly on investments in US gateway cities, PERE reported in March, and specifically multifamily, retail, industrial and office properties. The fund is said to have similar terms to other core-plus funds, including a net IRR of 9% to 11%, a 10% carry and a 7% preferred return, with a 50% catch-up, according to PERE.

The TA Realty team involved in negotiating the Fund IX transactions announced Tuesday include partners Nicole Dutra Grinnell, Michael Haggerty and Jim Raisides and dispositions officer Luke Marchand. JLL represented TA Realty in transaction negotiations.

BOSTON—TA Realty LLC said Tuesday it had sold a 45-asset portfolio of office and industrial assets to real estate funds managed by Brookfield for $854.5 million. Boston-based TA did not release a list of individual properties in the portfolio, which spans 8.6 million square feet across 12 states.

TA sold the portfolio on behalf of its Realty Associates Fund IX LP, a commingled fund that closed in 2010 with $1.49 billion of commingled capital. “With this sale, we have successfully monetized a significant number of assets in Fund IX, including all of the remaining industrial assets,” says Tom Landry, managing partner at TA Realty. “We believe the outcome of this transaction represents an attractive risk-adjusted return on invested capital, and we look forward to distributing the proceeds to our investors.” He adds that the firm is actively pursuing additional individual and pooled sales of the remaining Fund IX assets, and has received “strong interest from a number of well-capitalized parties.”

The majority of the properties are leased to investment grade tenants and situated in high-barrier-to-entry markets, says TA. Those markets include the Los Angeles, Dallas, Chicago and Washington, DC metro areas.

Last month, PERE reported that Brookfield Premier Real Estate Partners, a core-plus real estate fund launched in 2016, was preparing to close on its acquisition of a 7.6-million-square-foot portfolio of industrial properties from TA Realty. The sale price was reportedly north of $600 million in the first transaction from BPREP, which is managed by Brookfield Asset Management.

BPREP will focus mainly on investments in US gateway cities, PERE reported in March, and specifically multifamily, retail, industrial and office properties. The fund is said to have similar terms to other core-plus funds, including a net IRR of 9% to 11%, a 10% carry and a 7% preferred return, with a 50% catch-up, according to PERE.

The TA Realty team involved in negotiating the Fund IX transactions announced Tuesday include partners Nicole Dutra Grinnell, Michael Haggerty and Jim Raisides and dispositions officer Luke Marchand. JLL represented TA Realty in transaction negotiations.