Nuveen Global Cities REIT Buys Office Development in Atlanta for $33.8 Million
Nuveen Global Cities REIT Inc., a publicly registered non-traded real estate investment trust, has purchased 2282 and 2300 Defoor Hills located in Atlanta, Georgia for $33.8 million.
Nuveen Global Cities REIT Inc., a publicly registered non-traded real estate investment trust, has purchased 2282 and 2300 Defoor Hills located in Atlanta, Georgia for $33.8 million.
Located in the West Midtown submarket, Defoor Hills is a 91,000-square-foot office building with open-air courtyards and murals. Built in 1970 and redeveloped in 2017, the property is 100 percent leased to three tenants with a weighted average lease term of 11 years. The REIT funded the acquisition with cash on hand.
Defoor Hills is within close proximity to a number of restaurants, breweries, entertainment venues, and retailers. The property is approximately four miles from the Georgia Institute of Technology and the Savannah College of Art & Design.
Nuveen Global Cities REIT is externally advised by TH Real Estate Global Cities Advisors, an affiliate of TH Real Estate. The company’s $5 billion offering was declared effective by the Securities and Exchange Commission in January 2018, and the company currently oversees a portfolio of six individual properties purchased for approximately $156 million.
Nuveen is the asset management subsidiary of the Teachers Insurance and Annuity Association of America. TIAA has purchased $225 million in unregistered Class N common stock as part of its $300 million investment commitment, and the board of Nuveen Global Cities REIT purchased $600,000 of Class I shares. As of May 31, 2018, the company had not sold any Class T, Class S, or Class D shares.
