TH Real Estate buys into industrial development in Tampa

Miami /
Jan.January 21, 2018 11:00 AM

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.

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


Related Articles

arrow_forward_ios
1930 Northwest 23rd Street with (from left) Shane Neman, Richard Kilstock and David Aaron (Getty, Arkadia, Neman Ventures)

Arkadia buys cold storage warehouse in Allapattah for $5M

Arkadia buys cold storage warehouse in Allapattah for $5M
Ron Bergeron with 3310 Northwest 24th Street (Credit: Facebook and Google Maps)

“Alligator Ron” Bergeron sells properties near Miami airport to Prologis

“Alligator Ron” Bergeron sells properties near Miami airport to Prologis
Cusano’s Italian Bakery at 6806-6814 North State Road 7 (Credit: Google Maps)

Cusano’s Italian Bakery buys out landlord for $14M

Cusano’s Italian Bakery buys out landlord for $14M
South Florida’s industrial market could benefit from the coronavirus pandemic

A safe bet: South Florida’s industrial market could boom after pandemic

A safe bet: South Florida’s industrial market could boom after pandemic
18770 Northeast Sixth Avenue

Miami warehouse leased to Southeast Frozen Foods sells for $31M

Miami warehouse leased to Southeast Frozen Foods sells for $31M
Armando Codina and his daughter, Ana-Marie Codina Barlick and Beacon Logistics Park

Biggest private corporation in US inks lease at Beacon Logistics Park

Biggest private corporation in US inks lease at Beacon Logistics Park
The property and Jonathan Salk (Credit: Google Maps)

Liberty Property Trust sells Fort Lauderdale industrial buildings

Liberty Property Trust sells Fort Lauderdale industrial buildings
Clockwise from top left: 3400 Northwest 74th Avenue, the Opa-locka industrial property and Centergate at Gratigny (Credit: Google Maps)

Here are South Florida’s largest industrial sales of 2019

Here are South Florida’s largest industrial sales of 2019
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...