TA Realty Sells Logistics Portfolio to AEW, Blackstone for $1bn; Continues ‘Last-Mile’ Dispositions

BOSTON–TA Realty has sold an 8.3 million-square-foot, 96-property logistics portfolio for $1.04 billion in two separate transactions on behalf of one of its closed-end value-added funds in two separate transactions to AEW Capital Management and Blackstone.

In one transaction, AEW Capital Management acquired the portfolio’s 28 Texas-based properties. In the other transaction, funds managed by Blackstone acquired the portfolio’s 68 properties, which are situated in ten high-growth markets across the United States.

“Aggregating high quality, national industrial portfolios has been a hallmark of our investment strategy for over 30 years,” said 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 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. The portfolio contains more than 325 tenants and was 91 percent occupied as of July 1, 2019.

Nadeem Meghji, Senior Managing Director and Head of Real Estate Americas at Blackstone, said, “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.”

This Fund is part of TA Realty’s flagship fund series that focuses on creating diversified real estate portfolios that generate strong cash flow, benefit from intensive asset management and result in long-term value creation. 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.

James P. Raisides

Nadeem Medhji