Sale of Lyons Technology Center in Broward County Closes
JLL Capital Markets led sales efforts for a six-building industrial park in Coconut Creek
MIAMI, Sept. 28, 2023 – JLL Capital Markets announced today that it arranged the sale of Lyons Technology Center, a six-building light industrial portfolio totaling 232,833 square feet in Coconut Creek, Broward County, Florida. JLL represented Principal Asset Management in the sale to Stockbridge.
The light industrial portfolio was built between 2002 and 2004 and is generally located at the northwest intersection of Lyons and Johnson Roads. The buildings feature ample clear heights, a combination of rear-load and front-load configurations, shallow bay depths, and 572 parking spaces. At the time of sale, the buildings were 89.1% leased to 44 tenants across diverse industries.
Lyons Technology Center is situated less than one mile north from the Lyons Road on-ramp to the Sawgrass Expressway (SR-869), which connects to Florida’s Turnpike, State Rd. 7 and I-95. The properties are also located in the City of Coconut Creek within the Broward County market and a 34-minute drive from Fort Lauderdale’s CBD. The site’s proximity to multiple major highway systems allows users to reach over 5.5 million people in a 60-minute drive.
The JLL Capital Markets Investment Sales team was led by Managing Director Luis Castillo, Director Cody Brais, Director Wells Waller and Analysts Taylor Osborne and Aaliyah St. Louis.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About Stockbridge
Stockbridge is a private equity real estate investment management firm led by veteran industry professionals. The firm’s portfolio comprises assets across the investment risk spectrum, including core, value-add and opportunistic strategies. Stockbridge and its affiliates have approximately $33.8 billion of assets under management (as of June 30, 2023) spanning all major real estate property types and certain specialty property types throughout the United States. For more information, visit www.stockbridge.com.
About Principal Asset ManagementSM
With public and private market capabilities across all asset classes, Principal Asset ManagementSM and its investment specialists look at asset management through a different lens, creating solutions to help deliver client investment objectives. By applying local insights with global perspectives, Principal Asset Management identifies distinct and compelling investment opportunities for its clients. Its dedicated real estate investment team manages or sub-advises $97.5 billion in commercial real estate assets.1 The firm's real estate capabilities include both public and private equity and debt investment alternatives.
Principal Asset Management is the global investment solutions business for Principal Financial Group® (Nasdaq: PFG), managing $525.2 billion in assets1 and recognized as a Top 10 “Best Places to Work in Money Management3” for 11 consecutive years. Learn more at www.PrincipalAM.com.
[1] As of June 30, 2023
[2] Pensions & Investments, “The Best Places to Work in Money Management”, among companies with 1,000 or more employees, December 2022.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.