The Real Deal Miami

TIAA-CREF sells Boca offices at $27M loss

Fort Lauderdale company pays $35 million for two buildings and vacant parcel
July 22, 2014 12:45PM

5201 Congress Avenue (inset: Paul Kilgallon)

5201 Congress Avenue (inset: Paul Kilgallon)

New York asset manager TIAA-CREF took a major hit on the sale of two office buildings and a vacant property in Boca Raton.

TIAA-CREF sold about 350,000 square feet of office space at 5201 Congress Avenue and 901 West Yamato Road in two transactions totaling about $35 million, according to Palm Beach County records. The deals were recorded on Monday. TIAA-CREF paid more than $62 million for the properties in June 2006.

Mainstreet CV North 40 is the buyer. The Fort Lauderdale company is managed by Paul Kilgallon, who is the president of Mainstreet Capital Partners. Mainstreet owns numerous South Florida office buildings.

Bank of America gave Mainstreet a $26 million mortgage for the acquisition. — Eric Kalis