TIAA sells Weston warehouse for $33M

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

Miami /
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.


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