Prologis sells some of the Tampa Bay warehouses it bought from Liberty in 2020
By Ashley Gurbal Kritzer & Breanne Williams
Tampa Bay Business Journal
Published: Jan 26, 2022

Industrial giant Prologis Inc. has begun selling off warehouse properties in the Tampa Bay area that it owns as a result of acquiring Liberty Property in 2020.

As part of the acquisition, Liberty planned to spin off $3.5 billion in industrial assets in four U.S. markets, including Tampa Bay.

Nuveen Real Estate, the global real estate investment arm of the Teachers Insurance and Annuity Association, acquired Gateway Lakes Industrial Park in St. Petersburg; Pioneer Park and Liberty Crenshaw in Tampa; and a warehouse at 9700 Ware Blvd. in Brandon, according to county property records.

The Gateway Lakes sales price was $27.4 million; Pioneer Park sold for $16 million; Liberty Crenshaw sold for $10.7 million, and the Brandon warehouse sold for $6.72 million.

Real estate sources told the Tampa Bay Business Journal that Nuveen did not buy the entirety of the former Liberty portfolio from Prologis (NYSE: PLD). The portfolio totals 2 million square feet.

Nuveen has made several significant investments in Florida over the past few years. In January 2022, the company purchased the District Boynton apartment complex in Boynton Beach for $125.85 million.

In September, the company purchased apartments near Miami International Airport for $98 million, and it is currently the co-owner of the Waterford Business District office park near the Miami International Airport.