BOSTON--(BUSINESS WIRE)--TA Realty LLC, a leading provider of real estate investment management services to institutional and private investors, announced today that on behalf of TA Realty Associates Fund IX, the company sold its Tech Ridge Portfolio in Austin, Texas for $107 million to real estate investment management firm Stockbridge Capital Group LLC.
The 1,023,122 square foot Class A+ industrial portfolio consists of four institutional quality distribution buildings strategically situated in one of the nation’s premier growth markets. The portfolio is currently 100 percent leased to nine national and local tenants with an average remaining lease term of over five years.
“TA Realty acquired the asset at a dislocated time for Austin in 2011, but we foresaw a strong comeback in fundamentals, demographics and demand in the marketplace,” said Jim Raisides, Partner at TA Realty, who managed the sale of the portfolio along with Vice President, Asset Management, Xander Dyer. Mr. Raisides added, “We were able to increase occupancy from 64 to 100 percent, while significantly increasing rent, and successfully execute a sale upon value-add completion to a core owner.”
The Tech Ridge Portfolio is located at 710, 810 and 820 West Howard Lane and features functional specifications, physical features, aesthetics and locational characteristics that position them at the top tier of industrial properties in the market.
About TA Realty
TA Realty is among the largest and most experienced providers of real estate investment management services to institutional and private investors. Since its inception in 1982, TA Realty has managed more than $25 billion of real estate assets through a series of value-added, commingled funds and customized core separate accounts. TA Realty’s investment philosophy focuses on creating diversified real estate portfolios that generate strong cash flow, benefit from intensive asset management and result in long-term value creation. For more than three decades, TA Realty has maintained this philosophy through multiple real estate and economic cycles, a strength recognized by leading pension funds, endowments, foundations and high net worth individuals. For more information please visit www.tarealty.com.