Principal Real Estate Investors of Des Moines, Iowa, purchased the building from Lincoln PO Miami LP. The building sold for nearly $17 million, or approximately $56.65 per sf. The deal closed Nov. 20. The building, located at 9350 N.W. 108th Ave. is known as Lincoln Logistics Center.
Steven J. Medwin and Harry E. Wardell, both vice presidents with Lincoln Property Co. here, represented Lincoln PO Miami LP. John Bell and Jay Caplin, of Cushman & Wakefield's local office, represented Principal Real Estate Investors. Lincoln Property Co. is continuing to manage the property for Principal Real Estate Investors.
The sale price is $5.1 million higher than the building sold for about a year ago when Lincoln PO Miami LP paid $11.9 million, or $39.67 per sf, to Caterpillar Logistics for the building.
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