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.
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