The Real Deal Miami

Big Airport Corporate Center sale closes

Hines sells office park to fund advised by CBRE Global Investors

October 16, 2014 12:00PM

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Airport Corporate Center

Airport Corporate Center

A fund advised by CBRE Global Investors closed on the acquisition of the Airport Corporate Center adjacent to Miami International Airport.

CBRE Global announced the closing in a written statement released on Thursday. It did not disclose the price paid for the 45-acre office park, which is 78.6 percent leased and includes 11 buildings totaling more than 1 million square feet. The sale price was previously reported as $132.3 million.

Seller Hines paid $156.8 million for the 7200-7665 Corporate Center Drive park eight years ago. The new owner plans a series of exterior and interior upgrades, including the addition of new 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. Strategic is a series of funds sponsored by CBRE Global. — Eric Kalis

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