In separate transactions, Blackstone Group and AEW Capital Management acquired an 8.3 million-square-foot, 96-property logistics portfolio from TA Realty LLC for $1.04 billion.
Blackstone acquired 68 properties located in 10 high-growth markets around the U.S., while AEW acquired the portfolio’s 28 Texas-based properties. The portfolio contains more than 325 tenants and was 91% occupied as of July 1.
“Aggregating high quality, national industrial portfolios has been a hallmark of our investment strategy for over 30 years,” said James Raisides, a 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.”
“Logistics remains our highest conviction investment theme,” said Nadeem Meghji, senior managing director and head of real estate, Americas at Blackstone. “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.”
The TA Realty team members involved in the transactions included Greg Bonomo, Ridgley Provencal and Luke Marchand. CBRE National Partners represented TA Realty in negotiations.