BOCA RATON, FL-New York-based TIAA-CREF Global Real Estate and Houston-based Weingarten Realty Investors have formed a joint venture for the acquisition of seven-property shopping center portfolio.

The joint venture will be 80% owned by TIAA-CREF and 20% by Weingarten, which acquired the 1.25-million-sf portfolio in October from locally based Woolbright Development Inc. for $325 million, or $260 per sf. It was called one of the largest retail portfolio sales in recent Florida history by the brokers who negotiated the sale.

"In this joint venture we are teaming up with one of the country's premier institutional real estate investors while diversifying Weingarten's available capital resources," says Weingarten president and CEO Drew Alexander.

The acquired properties were Alafaya Square, Oviedo, Seminole County, 176,486 sf; the Marketplace at Dr. Phillips, Orlando, 327,561 sf; International Drive Value Center, Orlando, 185,664 sf; East Lake Woodlands, Palm Harbor, Pinellas County, 144,603 sf; Palm Lakes Plaza, Margate, Broward County, 113,752 sf; Kendall Corners, Kendall, Miami-Dade County, 96,515 sf and South Dade Shopping Center, Cutler Bay, 219,473 sf. The acquisition brought Weingarten's Florida portfolio to 35 shopping centers totaling five million sf.

"TIAA-CREF's commitment to these properties underscores our belief that this is a strong collaboration, with a strong strategic partner, in very good locations backed by powerful demographics," says TIAA-CREF managing director for US acquisitions Trevor Michael.