The business park is located on 4.5 acres and contains an aggregate of more than one million sf of class A and class B office, flex and industrial space. The center is 92% leased, according to a Hines SEC filing. The largest tenant, a subsidiary of Norwegian Cruise Lines, leases 179,853 sf, or approximately 18% through January 2009. No other tenant occupies more than 10% of the center. Among its tenants are Barclays Bank, Nextel Communications and BellSouth Telecommunications.

Miami RPFIV, an affiliate of Stamford, CT-based General Electric Investment Corp., was represented by Manny de Zarraga, executive managing director, and Herman Rodriguez in the local office of Holliday Fenoglio Fowler. Hines was represented in house.

According to the Hines SEC filing, it expects to fund the acquisition with a combination of net proceeds from its public offering, which, by Jan. 27, aggregated approximately $241.6 million; borrowings from its revolving credit facility, and the assumption of an existing mortgage, the amount of which is not reported in the filing.

A year-end 2005 report from the local office of Jones Lang LaSalle says Airport Corporate Center "appears to be in the most favorable position" among the seven major competitive projects in the Miami Airport submarket. The average asking rental rate for class A office space in the submarket rose 4.5% to $25.04 per sf, compared with a year ago, and the asking rate for class B office space jumped nearly 6.9% to an average of $20.48 per sf, according to the JLL report. Cushman & Wakefield's year-end 2005 data puts the class A asking average at $26.05 per sf, and asking averages for manufacturing, warehouse/distribution, and office flex space at $6.95 per sf, $6.57 per sf, and $8.16 per sf, respectively. Both reports put the year-end overall office vacancy in the submarket at the 10% level, which JLL notes is down from 19% in mid-2003.