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Principal Buys Lyons Tech Buildings for $46M

COCONUT CREEK, FL-The five-piece acquisition is the firm's latest deal with developer Malcolm Butters.

By Natalie Keith | Updated on April 09, 2008

COCONUT CREEK, FL-Principal Real Estate Investors has acquired five warehouse and office buildings in Lyons Technology Park for $46 million. The seller was a partnership led by local developer Malcolm Butters.

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.

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