Blackstone, AEW Buy TA Realty’s National Logistics Portfolio for $1B
AEW Capital Management of Boston acquired the portfolio’s 28 Texas-based properties, while funds managed by The Blackstone Group of New York City purchased the portfolio’s 68 properties located in 10 high-growth markets across the United States.
BOSTON—Locally-based TA Realty, LLC has sold an 8.3 million-square-foot logistics portfolio in two separate transactions to AEW Capital Management and The Blackstone Group for a total sale price of $1.04 billion.
The 96-property portfolio contains more than 325 tenants and was 91% occupied as of July 1, 2019. AEW Capital Management of Boston acquired the portfolio’s 28 Texas-based properties, while funds managed by The Blackstone Group of New York City purchased the portfolio’s 68 properties located in 10 high-growth markets across the United States. No further breakdown of the two transactions were available at press time.
“Aggregating high quality, national industrial portfolios have been a hallmark of our investment strategy for over 30 years,” says 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 portfolio’s 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, TA Realty states.
Nadeem Meghji, senior managing director and head of real estate Americas at Blackstone, says, “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.”
Crain’s New York Business reported last month that The Blackstone Group was negotiating to purchase a portfolio of 11 warehouse buildings near JFK Airport in Queens, NY. The property acquisition was reportedly part of a larger deal to buy industrial properties in several states across the country from TA Realty, the newspaper reported.
The TA Realty team members involved in the transactions included Greg Bonomo, Ridgley Provencal and Luke Marchand. CBRE National Partners represented TA Realty in lease negotiations.
Since its inception in 1982, TA Realty has managed more than $30.4 billion of real estate assets through a series of value-added, commingled funds and customized core separate accounts.