The properties, located south of Hillsboro Boulevard at Lyonsand Johnson roads, have a total of 300,000 sf and are 95% occupied.In addition to the five buildings, the 700,000-sf Lyons TechnologyPark also includes several owner-occupied properties. CB RichardEllis brokers Scott O'Donnell and Christian Lee represented theButters partnership in the sale. Butters Realty & Managementwill remain the park's property management and leasing agent.

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Butters tells GlobeSt.com that the company decided just over ayear ago to sell some of its properties and retain the cash forfuture ventures. "The commercial market is still strong, so we putthese buildings on the market," Butters says.

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Butters received several offers for the property, and chosePrincipal's offer in part because of its long-term relationshipwith the company. Principal has acquired one million sf ofindustrial and office space from Butters and its partners over thelast six years.

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Principal bought three Westpoint Center distribution buildingsin fall 2007 for $35 million. In 2002, the company acquired threewarehouses with a total of 420,000 sf in Hollywood and Davie fromcompanies owned by a Butters partnership for $36.2 million.

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"In these challenging times, price is an important factor toconsider but so is the ability of a buyer to close the deal,"Butters says. "We were confident that Principal would close thedeal."

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