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300,000-SF Center Sale Carries $17M Price Tag

MIAMI-In a large deal for the area, Principal Real Estate Investors bought the building, which was leased entirely to one tenant in September, from Lincoln PO Miami LP, which paid $11.9 million for the building about a year ago.

By Melissa Bogdany | Updated on November 25, 2003

MIAMI-In one of the biggest single-building industrial sales in the South Florida area in the last several years, a 300,000-sf class A distribution center within Flagler Station Business Park here has been sold.

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.

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