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International REITS look to Miami

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International Real Estate Investment Trusts are increasingly looking to downtown Miami for investment, according to a new study by the Downtown Development Authority. “The notion that there were going to be buildings that sat vacant for 10 years never materialized,” said Leo Zabezhinsky, manager of business development & and real estate for the Miami DDA. “All of this positive news is leading some major REITs to consider new development projects.” Several developers, including Genting, which purchased the Miami Herald site, Swire Properties and Espacio USA have taken properties downtown.[GlobeSt]

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