Irvine, California-based commercial real estate firm LBA Realty paid $198 million for Dolphin Commerce Center at 11200 Northwest 21st Street, 11250 Northwest 25 Street and 11350 Northwest 25 Street, records show.
LBA assumed a $50 million mortgage from Northwestern Mutual Life Insurance Company.
The five-building business park spanning 701,000 square feet was completed in 1998 and 1999, records show. The deal breaks down to $282 per square foot.
The seller, an affiliate of Iowa-based Principal Real Estate Partners, paid $45 million for the 37.4-acre site in 2004.
LBA’s purchase of Dolphin Commerce Center is the second largest industrial deal in South Florida over the past 12 months. In November, Boston-based TA Realty paid $241 million for a Medley industrial park with 12 warehouses.
Source: The Real Deal
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