TIAA’s TH Real Estate pays $54M for Broward warehouses

Davie and Tamarac warehouses are 94% leased

Pointe West and Manuel Martin
Pointe West and Manuel Martin

TIAA Global Asset Management’s TH Real Estate just purchased two industrial properties in Broward County for $54 million.

Principal Global Investors, a publicly traded institutional asset manager, sold Pointe West in Davie and Westpoint in Tamarac, according to a press release. They were built between 2001 and 2004 and are 94 percent leased by tenants that include Daikin and Kapco Global.

The properties are at 15712 Southwest 41st Street in Davie and at 5607 Hiatus Road, 6001 Hiatus Road and 10601 State Street in Tamarac. The Davie warehouse last sold in 2004 for $10.4 million and the Tamarac warehouses sold for a combined $31.5 million in 2007, records show.

TH Real Estate is bullish on the industrial market due to the growth of e-commerce, director Alexander Hancock said in the release.

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Industrial markets throughout Florida are experiencing a return to pre-recession occupancy levels and rental rates, according to a Cushman & Wakefield report released last month. In Broward, 1 million square feet of industrial space is under construction and 80 percent of that is speculative.

TH Real Estate has nearly $100 billion in assets under management. The TIAA Global Asset Management arm recently opened a regional office in Miami to oversee the Southeastern United States and Latin America.

In August, an affiliate of TH Real Estate paid about $54 million for a Delray Beach apartment complex. It also paid $49 million for the Promenade Shopping Plaza in Palm Beach Gardens earlier this year. – Katherine Kallergis