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Principal Capital Buys 151,389-SF Industrial Park

MIAMI-The buyer paid $9.65 million cash to J.P. Morgan Asset Management for the two-building, 89% leased Port 95 Industrial Center located on 8.767 acres in Hollywood, FL. The center has an approximately 16.6% office build-out.

By Melissa Bogdany | Updated on February 07, 2003

MIAMI-Principal Capital Management has purchased Port 95 Industrial Center, a 151,389-sf, two-building industrial park in Hollywood, FL, for $9.65 million, or $63.74 per sf. Principal Capital Management paid cash to seller J.P. Morgan Asset Management for the property, located on an 8.767-acre site at 2800-2898 SW 42nd St. in the Port 95 Commerce Center.The office build-out is approximately 16.6%. The remaining space is for warehouse/distribution. The center was 89% leased at closing.J. Scott O’Donnell, senior associate in Trammell Crow Co.’s Florida business unit based in Boca Raton, FL, and Chris Riley, senior VP based in Trammell Crow’s Atlanta office, represented J.P. Morgan Asset Management and obtained the buyer in this transaction.This isn’t the first time O’Donnell and Riley have teamed up. The two worked together on the disposition of other South Florida assets, including the 386,000-sf Boca Industrial Park and the 1.7 million-sf Principal Capital Management Portfolio.

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