X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MIAMI-In one of the biggest single-building industrial sales in the South Florida area in the last several years, a 300,000-sf class A distribution center within Flagler Station Business Park here has been sold.

Principal Real Estate Investors of Des Moines, Iowa, purchased the building from Lincoln PO Miami LP. The building sold for nearly $17 million, or approximately $56.65 per sf. The deal closed Nov. 20. The building, located at 9350 N.W. 108th Ave. is known as Lincoln Logistics Center.

Steven J. Medwin and Harry E. Wardell, both vice presidents with Lincoln Property Co. here, represented Lincoln PO Miami LP. John Bell and Jay Caplin, of Cushman & Wakefield’s local office, represented Principal Real Estate Investors. Lincoln Property Co. is continuing to manage the property for Principal Real Estate Investors.

The sale price is $5.1 million higher than the building sold for about a year ago when Lincoln PO Miami LP paid $11.9 million, or $39.67 per sf, to Caterpillar Logistics for the building.

“We did buy it under the market from Caterpillar,” Wardell says. “Our goal was to lease it up, which we did,” in a large lease for South Florida. “The investment market is so active today that the cap rates are very, very good, and we thought it was time to sell it.”

This past Sept. 26, Southeast Frozen Foods, one of the largest privately held companies in Florida, leased the entire building in a multimillion-dollar deal in which Lincoln Property Co. also represented Lincoln PO Miami LP. A Southeast Frozen Foods subsidiary is using the building for dry grocery items. Southeast Frozen Foods also has a 200,000-plus-sf frozen food warehouse in North Dade County, FL, along with other facilities nationwide.

Flagler Station Business Park, South Florida’s largest business park, will have approximately nine million sf of commercial and industrial space and amenity retail on 960 acres at full build-out. Currently, the park has approximately 4.5 million sf.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.