The Real Deal Miami

Airport Corporate Center to change hands for $132M

Hines to sell Miami office park at $25 million discount from 2006 price

July 21, 2014 04:30PM

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Airport Corporate Center

Airport Corporate Center

Hines is on the verge of selling the Airport Corporate Center for a $25 million discount from what it paid for the Miami office park.

The Houston real estate investment trust announced in a Securities and Exchange Commission filing that it has a deal to unload the 11 buildings and 5.5 acres within the park for $132.3 million. Hines paid $156.8 million for Airport Corporate Center eight years ago. The deal is expected to close in September.

CBRE SPUS7 Acquisitions is the buyer, according to the South Florida Business Journal. The company is managed by two Los Angeles-based CBRE Global Investors executives. It plans to assume an existing $79 million loan from John Hancock Life Insurance as part of the transaction.

Airport Corporate Center tenants include General Electric, Nextel, Norwegian Cruise Lines and United Healthcare Services. [South Florida Business Journal]Eric Kalis

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