CBRE Adds Nearly 900,000 SF to Management Portfolio

MIAMI-Principal Real Estate Investors of Des Moines has chosen CB Richard Ellis to provide management services at two local industrial properties totaling 890,810 sf.The largest facility is Dolphin Commerce Center, a 710,000-sf industrial property, located at 11200 N.W. 25 St. An Asset Services team that Joann Soman, director of operations for CBRE, is leading will manage the facility. Wayne Schuchts, first vice president of CBRE, already oversees leasing and marketing of the property.Dolphin Commerce Center is located on more than 100 acres just west of MiamiInternational Airport and next to the 1.4-million-sf Dolphin Mall in the Airport-West Dade submarket. The master-planned project is zoned to have more than three million sf of industrial, office and flex product.Principal Real Estate Investors also hired CBRE to provide agency leasing and management services at Airport International Center II, a 180,810-sf warehouse building, located on 11.2 acres, at 6100-6188 N.W. 74 Ave., two miles northwest of Miami International Airport. Schuchts will oversee the leasing and marketing of the 21-year-old, 93%-occupied property, which Principal Real Estate Investors bought in August from TA Associates.CBRE would not disclose what firms previously managed the properties. However, the company says Principal recently hired CBRE to consolidate the management of its West Dade operations to one firm. Principal owns Dolphin, Westpark and Airport International Center II.In February, an affiliate of Principal Financial Group, a publicly traded pension fund adviser, purchased five buildings totaling 709,000 sf at Dolphin Commerce Center. At that time, Principal retained Swerdlow Group of Coconut Grove to manage the park.”CB Richard Ellis now has a combined management and leasing portfolio of approximately 12 million sf of office, industrial and retail space that is overseen from the firm’s four offices in South Florida,” says Scott Sime, managing director for CBRE’s South Florida operations.”Properties will be kept in first class condition,” CBRE’s spokesman adds. “Joann Soman is currently implementing an enhanced management process, which will benefit both the owner and tenants within the park.”