TIAA sells Weston warehouse for $33M

Denver-based Black Creek Group paid $143 psf for the facility

Dec.December 12, 2019 09:45 AM
2965 West Corporate Lakes Boulevard and Black Creek Group CEO Raj Dhanda (Credit: Google Maps, Blue Vault)

2965 West Corporate Lakes Boulevard and Black Creek Group CEO Raj Dhanda (Credit: Google Maps, Blue Vault)

Teachers Insurance Annuity Association sold a warehouse and distribution center in Weston for $32.4 million.

The New York-based asset manager sold the warehouse at 2965 West Corporate Lakes Boulevard just off I-75 to Denver-based Black Creek Group. The distribution center totals 225,335, equating to a price of $143 per square foot.

TIAA had purchased the facility from RREEF in a portfolio deal with other properties in 2011 for $84.6 million. The building was constructed in 2000. It has 30,000 square feet of office space, 30-foot clear heights, 32 dock-high doors, two oversized drive-in ramps and 296 parking spaces.

Postal Center International, a print, mail and marketing solutions provider, signed a multi-year lease last year to use most of the building as its corporate headquarters.

Since the 1990s, Black Creek has owned and operated about 1,400 office, industrial, retail and multifamily properties across North America, according to its website. It has developed more than $3 billion worth of properties across North America.

Related Articles

The property and Jonathan Salk (Credit: Google Maps)

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

5601 Northwest 72nd Avenue (Credit: Google Maps)

These were South Florida’s biggest industrial leases of 2019

Fordome Investment Group’s Kris Rodriguez and Blackstone’s Stephen Schwarzman (Credit: Getty Images, Google Maps)

Blackstone plans to build new Medley warehouse

IMC Equity’s Yoram Izhak and 1490 West 49th Place (Credit: Google Maps)

IMC Equity snags Hialeah office building from Cofe Properties

Placeholder image

Blackstone sells Weston hotel for $12M

Industrial sales are up

South Florida’s industrial sales jump to over $1B in Q3 2019

Daily Digest Miami

Related sells Tampa apartments for record $132M, Miami apartment tower evacuated after fire: Daily digest