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TA Realty sells industrial asset

The Boston-based real estate investment firm has sold a 221,000-square-foot industrial property in Southern California to manufacturer Myers Power Products for $14.6m.

TA Associates Realty has sold a 221,000-square-foot industrial unit in Ontario, California to US manufacturer Myers Power Products for $14.6 million.

The Boston-based private equity real estate firm has been an active buyer of industrial properties over the past decade, and in September acquired a 13-property portfolio valued at $54 million.

The sale of 2950 Philadelphia in Ontario, California, to Myers was brokered by DAUM Commercial Real Estate Services, the firm said in a statement today. DAUM said Myers acquired the 221,921 square-foot manufacturing, distribution and warehouse facility as part of its expansion plans, with expectations it would increase the space to 240,000-square-feet.

“This is one of very few large building sales of this size in the past 14 months in Southern California,” said DAUM executive vice president Chris Migliori

Last September, Thompson National Properties said it bought a 13-property portfolio on behalf of TA Associates Realty for more than $52 million. The industrial assets comprised 545,000-square-feet of space located primarily in Torrance, California. The seller was South West property company Storm Properties. The deal was later confirmed to be valued at $54 million by property data provider Real Capital Analytics.

Thompson said in a statement at the time that it received a commission and advisory fee.