(Read more on the industrial market.)

NEW YORK CITY-TIAA-CREF has sold a portfolio of 22 warehouse and distribution buildings, for the benefit of its separate real estate account, for $270 million. Financing for the acquisition was provided by Credit-Suisse Column Financial.

Although the purchaser was not be disclosed, London-based Strategic Real Estate Advisors acted as real estate investment advisor on behalf of the private client in the portfolio purchase, which spans 11 cities across the US. The portfolio contains a total net rentable area of 5.5 million sf and is well diversified both geographically and by tenant profile.

The portfolio includes multiple holdings in Cincinnati, Philadelphia, Atlanta and Memphis, as well as properties in Salt Lake City, Phoenix, San Diego, Chicago, Dallas, El Paso and Oakland, CA. The buildings in the portfolio were 91% leased at closing to well known tenants such as Federal Express, DuPont, the Gap, UPS, Komatsu, Curascript and Mitsui.

Strategic Real Estate Advisors, although unable to provide any information on the buyers, tells GlobeSt.com the details of the portfolio: In Atlanta, Corporate Lakes is composed of three buildings for a total of 650,253 sf; in Philadelphia, Boulden Circle is composed of three buildings for a total of 266,141 sf; in Chicago, Woodcreek III is 149,907 sf, while 1155 Harvester has 212,922 sf; in Cincinnati, Park West is composed of four buildings for a total of 1.4 million sf; in Memphis, Southpoint is three buildings composed of 1.6 million sf; in Dallas, 2101 Design Rd. has 201,600 sf; in El Paso, Butterfield Industrial consists of two buildings for a total of 183,510 sf; in Phoenix, Freeport Center is composed of 136,704 sf; in Salt Lake City, Landmark IV is 328,504 sf; in Oakland, 1942-1956 Sabre St. is 83,854 sf; in San Diego, Eastgate composes 200,000 sf.

“In this increasingly competitive environment we have focused on suitable multi-let alternative investments such as light industrial properties where we can utilize our asset management skills to enhance the overall returns,” says Jeremy Gates, managing director of Strategic Real Estate Advisors, in a prepared statement. “With improving market conditions and the strategic location of these buildings, this acquisition represented an opportunity to realize a solid current and future return for our client, and to further expand our logistics portfolio on a national scale to almost 30 million sf.”

TIAA-CREF had no comment for GlobeSt.com regarding the deal. However, a TIAA-CREF spokesperson tells us that “as one of the largest institutional real estate investors in the country TIAA-CREF actively manages our real estate portfolio by buying and selling properties to add value for our clients.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.