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An affiliate of investment behemoth Teachers Insurance & Annuity Association (TIAA) of America has acquired a majority stake in a new industrial development slotted for East Tampa.
TH Real Estate, a subsidiary of TIAA investment management business Nuveen Real Estate Management Ltd., bought 95% of 301 Business Center for an undisclosed price from developer McDonald Development Co., of Atlanta.
McDonald, which will retain a 5% equity interest, acquired the 70-acre site for 301 Business Center in 2015. The property is ultimately expected to contain four buildings totaling 863,000 square feet and be among the only new Class A industrial projects delivered in the Tampa area through 2019.
The park's first building is slated for completion in the final quarter of this year.
Cushman & Wakefield's Tampa office is leasing the property, which is expected to contain a mix of cross-dock loaded, rear-loaded and front-loaded buildings.
TH Real Estate, one of the largest real estate investment managers in the world and the owner of more than $10 billion in industrial properties globally, was drawn to the 301 Business Center because of the area's low vacancy rate and scarcity of competition, says Manuel Martin, the head of the company's Southeast U.S. and Latin America office in Miami.
TH Real Estate opened the Southeast U.S. operation a year ago to focus on investments in Florida and elsewhere. In addition to 301 Business Center, the company also manages International Plaza, in Tampa; Promenade Shopping Plaza, in Palm Beach Gardens; Westpoint business park, in Tamarac; and the Pointe West industrial development, in Davie, according to its website.
In all, the company manages 511 properties on behalf of TIAA. Nuveen, its parent, has more than $900 billion worth of TIAA assets under management worldwide.
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