POMPANO BEACH, FL—The 100% net-leased FedEx Ground facility here has been acquired by TIAA-CREF of Charlotte, NC.

The 285,005-square-foot property at 2700 NW 25th Street in Pompano Beach was sold by Ft. Lauderdale BTS, LLC, of Charlotte, NC. The sale was announced by CBRE Capital Markets Institutional Properties, which represented the seller in the deal. No financial details on the transaction were released.

The building sits on a 26.78-acre site that was built to suit for FedEx Ground in 2006, and expanded in 2012. The 375-foot deep cross-dock building features a 30-foot clear span height, 90-foot to 160-foot deep truck courts, a custom material handling and sorting conveyor system, dedicated trailer storage parking and a secure and fully fenced perimeter.

The CBRE Capital Markets team representing the seller included Christian Lee, vice chairman in Miami; Chris Riley, vice chairman in Atlanta; and Brian Budnick, senior vice president in Atlanta. Also involved in the transaction were Compie Newman, senior vice president in Charlotte, NC, from CBRE Debt and Structured Finance; José Antonio Lobón, senior associate in Miami from CBRE Capital Markets Institutional Properties; and Tom O'Loughlin, vice president from CBRE's Industrial Leasing team in Fort Lauderdale.

“Class A industrial product in South Florida always garners significant investor interest,” says CBRE Vice Chairman Lee. “However, with the addition of the quality tenant and long-term nature of the lease, this property is worthy of premium pricing.”

“This location is already mission critical to FedEx, but with South Florida leading the nation in projected population growth well above the national average, this location will become even more imperative,” adds CBRE's Lobón.