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TH Real Estate acquires Broward Industrial portfolio

Westpointe industrial

TH Real Estate has acquired two South Florida Industrial properties in Broward county; Pointe West in Davie and Westpoint in Tamarac. The assets were acquired from Principal Global Investors for $54m.

The properties were built between 2001 and 2004, and are currently 93% occupied by a variety of tenants, including Daikin and Kapco Global.  

"These core properties in the densely-populated and supply-constrained South Florida market offer durable income and long-term upside potential," said Manuel Martin, Head of TH Real Estate’s Southeast Region which covers 11 states and Latin America, managing over $10.5bn of equity investments. "When we opened our regional office earlier this year, our key focus was on the retail and industrial sectors. We continue to follow this strategy by acquiring assets, such as the Promenade Shopping Plaza in Palm Beach Gardens.

"We believe industrial is an asset class with tremendous growth potential. This is due to the increase in e-commerce and the need for retailers to commit significant capital to fulfillment centers for local deliveries. Investors should have a balance of carefully-selected bricks-and-mortar retail, and strategically-located industrial to capture the interdependence of these sectors," said Alexander Hancock, a Director at TH Real Estate who handled the transaction.

Issued by Nuveen Real Estate Management Limited, 201 Bishopsgate, EC2M 3BN. Authorised and regulated by the Financial Conduct Authority. TH Real Estate is a name under which Nuveen Real Estate Management Limited provides investment products and services.

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