Airport Corporate Center Sale Closes

A fund sponsored by CBRE Global Investors has acquired Airport Corporate Center, a 45-acre, 11-building office park adjacent to the Miami Airport.
The property, which is 78.6 percent leased, includes over one million square feet of rentable space.
CRE-sources reported in July that Hines REIT agreed to sell the Airport Corporate Center in Miami for $132.3 million, but the final purchase price was not confirmed.
The Houston-based REIT disclosed in a U.S. Securities and Exchange Commission filing on July 17 that the 11 buildings and 5.5 acres of developable land were under contract, with a closing date scheduled for September.
Airport Corporate Center is located at 7200-7665 Corporate Center Drive, immediately adjacent to Miami International Airport and Miami’s two main thoroughfares, the Palmetto Expressway and the Dolphin Expressway. A $600 million road construction/widening project is currently underway and will further improve access to the property upon completion in late 2014/early 2015.
The property includes both mid-rise and single-story office buildings with both structured and surface parking. Occupancy is expected to benefit from the new ownership; a restructured leasing team; targeted renovations, including exterior and interior building and landscaping upgrades; and implementation of the firm’s signature 5-Star Worldwide service and amenity program, including the addition of conference centers and a fitness center.

“Miami, which is a top 10 metropolitan office market in terms of forecasted rent growth, has a relatively diverse economy, strong ties to fast-growing Latin America, a large port, a well-developed trade infrastructure and a dynamic magnetism that draws domestic and international tourists,“ said Vance Maddocks, President of Strategic Partners U.S.  “We plan to create an exceptional environment for companies and their employees in the expanding Miami economy.”

 

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