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South Florida

Airport Corporate Center to change hands for $132M

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.

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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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