(Read more on the industrial market.)
NEW YORK CITY-TIAA-CREF has sold a portfolio of 22 warehouse anddistribution buildings, for the benefit of its separate real estateaccount, for $270 million. Financing for the acquisition wasprovided by Credit-Suisse Column Financial.
Although the purchaser was not be disclosed, London-basedStrategic Real Estate Advisors acted as real estate investmentadvisor on behalf of the private client in the portfolio purchase,which spans 11 cities across the US. The portfolio contains a totalnet rentable area of 5.5 million sf and is well diversified bothgeographically and by tenant profile.
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