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Principal Pays Crow $12.5 Mil for Distribution Center

MIRAMAR, FL-The affiliate of Des Moines, IA-based Principal Financial Group pays $64.97 per sf, for two industrial buildings in Monarch Lakes, a 123-acre mixed-use commercial development 22 miles north of Miami.

By David R. Corder | Updated on October 05, 2001

MIRAMAR, FL-Principal Capital Management has acquired 192,000 sf of warehouse space in the 123-acre Monarch Lakes mixed-used commercial development from Crow Family Holdings, a Dallas-based real estate investment trust.

The real estate investment arm of Des Moines, IA-based Principal Financial Group paid $12.5 million or $64.97 per sf for Buildings No. I and II at 2601 and 2701 SW 145th Ave. in the I-75 Distribution Center.

Constructed in 1999, the I-75 Distribution Center is in the northeast section of Interstate 75 and Miramar Parkway in southwestern Broward County. The properties separately contain 83,200 sf and 108,800 sf of space on 12.4 acres.

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