Principal Asset Sells Warehouses to Stockbridge Capital Group
Stockbridge Capital Group bought a six-building warehouse portfolio in Coconut Creek for $48.9 million, marking the firm’s continued investment in South Florida.
San Francisco-based Stockbridge bought the buildings at 4611-4661 and 4701 Johnson Road, as well as at 4811 and 4911 Lyons Technology Parkway in three deals from an affiliate of Des Moines, Iowa-based Principal Asset Management, according to records and real estate database Vizzda. The properties are at the Lyons Technology Center.
Luis Castillo and Cody Brais were part of the JLL team that represented the seller.
The portfolio spans more than 228,000 square feet of industrial buildings on nearly 20 acres. The warehouses, completed in 2002 and 2004, are near each other. Records show Principal Asset Management had paid a combined $32.2 million for the properties in 2008.
The portfolio is 89 percent leased to 44 tenants, according to a JLL news release.
The deal breaks down to over $214 per square foot.
In the biggest deal, Stockbridge bought the three buildings at 4611-4661 Johnson Road for $21.7 million, records show. It also paid $17.8 million for the pair of buildings at 4811 and 4911 Lyons Technology Parkway. The smallest deal was the $9.5 million purchase of the warehouse at 4701 Johnson Road.
The deals come on the heels of Stockbridge’s purchase of a South Florida multifamily property. This month, the firm bought the 368-unit Park 82nd Apartments at 8255 Park Boulevard in the Fontainebleau neighborhood of unincorporated Miami-Dade County for $156 million.
Last year, Stockbridge invested in at least two industrial properties. In October, Stockbridge and Industrial Outdoor Ventures bought a 22.7-acre development site at 2501 Wiles Road in Deerfield Beach for $59 million, with plans for an outdoor storage facility and a pair of warehouses. In December, Stockbridge bought the John Deere dealership at 4343 Northwest 77th Avenue in unincorporated Miami-Dade for $20.1 million in a sale-leaseback deal.
Stockbridge, led by Terry Fancher and Sol Raso, has $33.7 billion of assets under management across 77.7 million square feet and 12,500 multifamily units, according to its website.
South Florida industrial investment sales have declined this year largely due to expensive financing created by interest rate hikes. Yet, some buyers still are in the market.
Blackstone and its subsidiary, Link Logistics, have paid more than $206.1 million for industrial properties in Miami-Dade and Broward counties this year. They are also developing the Sycamore Logistics Center with a pair of warehouses spanning 310,456 square feet at 9800 Northwest 87th Avenue and 8593 Northwest 96th Street in Medley.
