The properties, located south of Hillsboro Boulevard at Lyons and Johnson roads, have a total of 300,000 sf and are 95% occupied. In addition to the five buildings, the 700,000-sf Lyons Technology Park also includes several owner-occupied properties. CB Richard Ellis brokers Scott O'Donnell and Christian Lee represented the Butters partnership in the sale. Butters Realty & Management will remain the park's property management and leasing agent.
Butters tells GlobeSt.com that the company decided just over a year ago to sell some of its properties and retain the cash for future ventures. "The commercial market is still strong, so we put these buildings on the market," Butters says.
Butters received several offers for the property, and chose Principal's offer in part because of its long-term relationship with the company. Principal has acquired one million sf of industrial and office space from Butters and its partners over the last six years.
Principal bought three Westpoint Center distribution buildings in fall 2007 for $35 million. In 2002, the company acquired three warehouses with a total of 420,000 sf in Hollywood and Davie from companies owned by a Butters partnership for $36.2 million.
"In these challenging times, price is an important factor to consider but so is the ability of a buyer to close the deal," Butters says. "We were confident that Principal would close the deal."
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