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MIRAMAR, FL-Principal Capital Management has acquired 192,000 sf of warehouse space in the 123-acre Monarch Lakes mixed-used commercial development from Crow Family Holdings, a Dallas-based real estate investment trust.

The real estate investment arm of Des Moines, IA-based Principal Financial Group paid $12.5 million or $64.97 per sf for Buildings No. I and II at 2601 and 2701 SW 145th Ave. in the I-75 Distribution Center.

Constructed in 1999, the I-75 Distribution Center is in the northeast section of Interstate 75 and Miramar Parkway in southwestern Broward County. The properties separately contain 83,200 sf and 108,800 sf of space on 12.4 acres.

Of the total space owned or leased in the 34-acre distribution center, AT&T Broadband occupies just over 65% of the property. Other tenants include Multiaqua Inc., Coinmach Laundry Corp. and Babcock Lumber Co.

The seller retained Trammell Crow Co.’s investment services division to market the property, with Peter Filomena, vice president, and Scott O’Donnell, senior associate, heading up negotiations. It took the team less than 12 weeks from the time the property was put on the market to closing. There were 11 separate offers.

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