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South Florida

New industrial park planned in Miami

Liberty Property Trust has acquired 126 acres in Miami to develop an industrial park, in a deal closed last week.

The 1.6 million-square-foot facility, dubbed Miami International Tradeport, could add $135 million in value to the county’s tax base. The transaction was brokered by CB Richard Ellis.

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The land is located just south of Okeechobee Road fronting Florida’s Turnpike. Butters Construction & Development will oversee construction of the new park on the site, which had been owned by cement and concrete firm Tarmac America.

“This acquisition marks our entrance into Miami-Dade County,” said Andy Petry, vice president and city manager for Liberty. “We feel there is a tremendous opportunity for well-designed and well-located industrial product in Miami-Dade County.”

Christian Lee and Chris Riley led the transaction for CBRE. The deal is one of the largest industrial transactions since the beginning of the downturn — Alexander Britell

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CBREChristian LeeReal Estate Trusts