TH Real Estate buys into industrial development in Tampa

The affiliate of Teachers Insurance and Annuity Association of America bought a 95% interest in an 863,000-square-foot project

Manuel Martin
Manuel Martin

An arm of investment giant Teachers Insurance & Annuity Association of America (TIAA) bought a majority interest in an industrial property development in East Tampa.

TH Real Estate, an affiliate of TIAA that owns industrial properties valued at more than $10 billion, paid an undisclosed price for a 95 percent interest in the four-building, 863,000-square-foot development in East Tampa, a district within the city of Tampa.

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The four buildings are scheduled to be completed in phases by 2019. Completion of the first one is expected in the fourth quarter of 2018.

The Atlanta-based developer, McDonald Development Co., retained a 5 percent interest in the development, called the 301 Business Center. McDonald acquired the 70-acre development site in East Tampa in 2015.

TH Real Estate was drawn to the development in East Tampa because the surrounding area has a low industrial vacancy rate and few competitors, according to Manuel Martin, who heads the Southeast U.S. and Latin America office of TH in Miami. TH opened its Miami office a year ago to concentrate on real estate investments in Florida and other markets. [Business Observer]Mike Seemuth

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