Prudential, TIAA-CREF Make Huge Broward Investments

Written by on 05.27.14 in Industrial, Investment Trends, Retail - No comments

Prudential Real Estate Investors and TIAA-CREF spent a combined $135 million on industrial properties in Broward County over the last two weeks, The Real Deal has learned.

Companies tied to Prudential accounted for about $84 million of that amount with the acquisition of nearly 20 buildings in Fort Lauderdale and Pompano Beach, according to Broward County records. Fort Lauderdale-based companies managed by Arvid Albanese sold the properties to Prudential. The transactions were recorded by Broward County on Thursday.

Prudential spent more than half of the $84 million in three deals: the $19 million purchase of an industrial, retail and mixed-use building at 750 East Sample Road in Pompano Beach; the $13.51 million acquisition of a 150,276-square-foot industrial facility at 1800-1900 Northwest 19th Street in Fort Lauderdale and the $12.5 million purchase of a warehouse at 2290 Northwest 19th Street.

Elsewhere in Pompano Beach, TIAA-CREF plunked down $50.53 million for a 279,269-square-foot distribution facility occupied by FedEx at 2700 Northwest 25th Street. The transaction closed on Thursday. The building was constructed in 2006.

A company tied to Charlotte, N.C.-based Levine Properties sold the facility to TIAA-CREF. Prudential and TIAA-CREF did not obtain financing for their acquisitions.

 

Source: The Real Deal

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