Investors Plunk Down $135 Million For Broward Industrial Properties

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

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 spent $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