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.
"We did buy it under the market from Caterpillar," Wardell says. "Our goal was to lease it up, which we did," in a large lease for South Florida. "The investment market is so active today that the cap rates are very, very good, and we thought it was time to sell it."
This past Sept. 26, Southeast Frozen Foods, one of the largest privately held companies in Florida, leased the entire building in a multimillion-dollar deal in which Lincoln Property Co. also represented Lincoln PO Miami LP. A Southeast Frozen Foods subsidiary is using the building for dry grocery items. Southeast Frozen Foods also has a 200,000-plus-sf frozen food warehouse in North Dade County, FL, along with other facilities nationwide.
Flagler Station Business Park, South Florida's largest business park, will have approximately nine million sf of commercial and industrial space and amenity retail on 960 acres at full build-out. Currently, the park has approximately 4.5 million sf.
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