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Large office park near airport changes owners

Airport Corporate Center, an 11-building office park in Miami, was recently purchased by Strategic Partners U.S. for $132.3 million. The company, which is affiliated with CBRE Global Investors, bought the 45-acre property from Hines REIT Airport Corp Center LLC. The property is located next to Miami International Airport on Corporate Center Drive.

At the time that the commercial real estate deal was completed, 78.6 percent of the office space at Airport Corporate Center was already leased. More than 1 million square feet of office space was still available. According to the president of Strategic Partners U.S., there has been a significant decrease in vacant office space in Miami, and a high demand for office space was one factor that led to the company's decision to purchase Airport Corporate Center. The president went on to say that the purchase was not only an interest in the market but an interest in the asset as well.

Although Strategic Partners U.S. has previously bought residential property in Florida, their recent purchase of Miami office space was a first. The company reportedly plans to upgrade the property and buildings while implementing their signature amenities program known as 5-Star Worldwide. Amenities that will be added to the property during the upgrades include a fitness center and conference centers.

Investment firms that are interested in purchasing commercial real estate often choose to enlist the help of an attorney. Before the deal is closed, an attorney may be able to help ensure that there are no hidden issues with the property that could result in unexpected expenses or litigation in the future.

Source: Commercial Property Executive, "CBRE Global Investors Fund Buys 11-Building Miami Office Park", Keith Loria, October 17, 2014

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