Two real estate heavyweights traded a South Florida warehouse. Nuveen Real Estate purchased Weston Park of Commerce from Prologis for $110 million, property records show.
The industrial complex is located by the outskirts of Broward County in Weston at 2945 and 2935 West Corporate Lakes Boulevard along Interstate 75. Built in 2002, the property spans 9.2 acres and holds two buildings, according to records.
The sellers are warehouse giant Prologis and Philly-based Liberty Property Trust. The San Francisco-based Prologis — which says it manages assets worth $177 billion across the U.S., Europe and Asia — bought Liberty Property for $13 billion last year.
The Chicago-based Nuveen is the real estate investment arm of The Teachers Insurance and Annuity Association of America, better known as TIAA. This year, the investment firm has been snapping up residential properties across South Florida, paying $47 million for a rental in nearby Coconut Creek and $98 million for a property near Miami International Airport.
Industrial properties have become hot commodities for investors as consumers turned to online shopping during the pandemic. Rents across Florida have risen by 9.5 percent since COVID-19 hit, according to a report by brokerage Avison Young. Last month, billionaire developer Jeff Greene sold a newly built West Palm Beach, Fla., warehouse for $60.6 million. Earlier this summer, Cabot Properties, a former owner of Weston Park of Commerce, paid $71.55 million for an industrial property in Miramar.