Financial services giant TIAA-CREF assumed a sublease for the underlying land at The Residences at Merrick Park apartment complex. By taking over as the subtenant, TIAA-CREF obtains title to the complex, retail space and a parking garage.
August 07, 2012 at 12:00 AM
1 minute read
Major investors like TIAA-CREF sometimes take unconventional routes to acquire coveted South Florida real estate assets.
The real estate account of the New York financial services giant last week obtained ownership of The Residences at Merrick Park apartment complex in Coral Gables through a $52.25 million transaction, according to Miami-Dade County records. TIAA-CREF on Aug. 1 took title to the complex by assuming a sublease for the underlying land at 4250 Salzedo St.
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