Stockbridge Buys Broward County Industrial Portfolio for $49M
By Chava Gourarie September 28, 2023 5:57 pm
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Principal Asset Management has sold the Lyons Technology Center industrial campus in Broward County to Stockbridge Capital Group for $48.9 million, according to property records.
The six-building portfolio spans 232,833 square feet with the principal address at 4811 Lyons Technology Parkway in Coconut Creek, Fla., at the intersection of Lyons and Johnson roads.
The mostly light industrial buildings were built between 2003 and 2005, and were purchased by Principal in 2008.
The property was 89 percent leased at the time of the sale to Stockbridge, according to JLL (JLL), which represented the seller in the deal. Tenants include a medical equipment manufacturer, pool supply store, general contractor, and several fitness facilities.
The San Francisco-based Stockbridge is active nationwide and has $33 billion of assets under management. It has been busy in South Florida recently, purchasing a newly built multifamily property just this month in Doral for $156 million. The purchase of the Lyons Technology Center portfolio, which consisted of three separate transactions, appears to have been managed out of the company’s Atlanta office.
The JLL crew representing Principal included Luis Castillo, Cody Brais and Wells Waller from the industrial capital markets team in Miami, as well as analysts Taylor Osborne and Aaliyah St. Louis.
JLL and Stockbridge did not immediately respond to requests for comment.
Chava Gourarie can be reached at cgourarie@commercialobserver.com.
