TH buys into 301 Business Center

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.