CBRE Capital Markets has arranged the $46 million sale of Lyons Tech Portfolio in Coconut Creek, Fla.
The portfolio consists of five institutional grade office and flex properties totaling 310,779 square feet located in the prestigious Lyons Technology Park.
Christian R. Lee, vice chairman of CB Richard Ellis’ Institutional Group, Scott O’Donnell, senior vice president CBRE Private Client Group, Charles J. Foschini, vice chairman and Christopher Apone, vice president of the of South Florida CBRE Debt & Equity Finance team, represented the seller, Butters Construction and Development, in their $46 million disposition to Principal Global Investors.
Principal Life has purchased 1 million square feet of industrial and office space from Butters and its partners over the last six years with CBRE, being the broker on all the transactions. The Coconut Creek transaction is one of the biggest deals which Principal has made with Butters, the company said.
Principal had paid $35 million for three Westpoint Center distribution buildings from Butters last fall and in 2002, the life insurance company paid $36.17 million to companies owned by a Butters partnership for three warehouses totaling 420,000 square feet in Hollywood and Davie.
Lyons Technology Park is a business campus in the Coral Springs submarket of Broward County.
The Lyons Tech Portfolio is 94 percent leased to 108 tenants. Major tenants include Steel Components, DEL Management, Motion Point Corp, and Alert Site.
Property features include warehouse space with 18- to 24-foot clear heights, hurricane-grade impact windows and doors, a combination of dock-high and drive-in doors, and ample surface parking.
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