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TIAA-CREF Sells Business Park for $24.85 Mil

BOCA RATON, FL-Danburg Management Corp. of Fort Lauderdale paid the New York-based insurance conglomerate $64.37 per sf for the six-building, 85%-leased, 386,046-sf Boca Industrial Park, 70 miles north of Downtown Miami.

By David R. Corder | Updated on July 13, 2001

BOCA RATON, FL-Danburg Management Corp. paid $24.85 million, or about $64.37 per sf to acquire the 85%-leased Boca Industrial Park from Teachers Insurance Annuity Association and the College Retirement Equities Fund.

The Fort Lauderdale-based commercial real estate investment and management company closed on the acquisition with just 10 weeks of the initial sale offering of the 386,046 sf of gross leaseable space in six buildings at Interstate 95 and Congress Avenue in Boca Raton, FL, 70 miles north of Downtown Orlando.

“That is extremely fast,” Scott O’Donnell, a senior associate in the South Florida investment services division of Trammell Crow Co., tells GlobeSt.com. “Boca Industrial Park represents one of the few industrial assets, comprising nearly 400,000 sf, to come available in South Florida over the past year.”

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