TA Realty Tallies $1B From Industrial Sales
- Sep 03, 2019
TA Realty, on behalf of one of its closed-end funds, has sold an 8.3 million-square-foot logistics portfolio for $1 billion to two buyers, in separate transactions. AEW Capital Management acquired 28 Texas properties in the portfolio, while funds managed by The Blackstone Group acquired 68 properties across 10 metros in the U.S.
A TA Realty team including Greg Bonomo, Ridgley Provencal and Luke Marchand were involved in the transactions, while CBRE National Partners represented TA Realty in the deal negotiations. The multi-tenant properties are located in 14 high-growth markets across the U.S. and house more than 325 tenants. As of July, the portfolio was 91 percent occupied.
The industrial market in the U.S. has continued to show its power in recent months, according to a recent market outlook from Colliers International. Nationwide, the vacancy rate for industrial space is 4.9 percent, while a record amount of new space—306.1 million square feet—is currently under construction.
TA Realty has been on a selling streak in recent months. Last month, the company sold a four-building office property in Bellevue, Wash., to a joint venture of SteelWave and Ares Management for $55.3 million. Prior to that, TA Realty sold a suburban office property in Orange County, Calif., for $33.5 million in May, and a multifamily asset in the Dallas area for nearly $50 million in February.