Principal Real Estate Investors of Des Moines, Iowa, sold five buildings totaling 700,000 square feet of space to LBA Realty of Irvine, Calif., according to a deed. The price works out to $282 per square foot.
The buildings went up in the late 1990s to meet burgeoning demand for distribution space west of Miami International Airport. The property last sold in 2004, trading for $45 million, according to property records.
LBA Realty also assumed a $50 million mortgage held by Northwest Mutual Insurance Company, according to public records. LBA Realty’s LBA Logistics has a national portfolio of industrial properties, including South Florida warehouse space in Hialeah, Hialeah Gardens and Miramar, according to the company’s website.
Miami’s distribution market is attracting keen interest from institutional investors. Last month, TA Realty paid $241 million for a 1.06 million-square-foot industrial property in the Miami suburb of Medley.
A warehouse park in the Miami suburb of Sweetwater has sold for $198 million, a price that reflects soaring demand for distribution space. Principal Real Estate Investors of Des Moines, Iowa, sold five buildings totaling 700,000 square feet of space to LBA Realty of Irvine, Calif., according to a deed. The price works out toRead MoreChannel, Industrial, Sales, Dolphin Commerce Center, LBA Logistics, LBA Realty, Principal Real Estate Investors Commercial Observer Read More
Robert Khodadadian has long had a simple philosophy about selling real estate. The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time.
Robert Khodadadian, skyline properties, ground leases, ground lease, off market, investment sales, khodadadian, Commercial Real Estate Sales, Commercial Observer, Retail For Lease, Commercial Observer,