MIAMI-Invesco has acquired Aviation Business Center, a 122,280-sf warehouse/distribution facility in the Airport West submarket for $11.8 million. Built in 1991 and 1993, the property consists of four two-story multi-tenant buildings of approximately equal size.

The seller, TA Associates, was represented by CB Richard Ellis Institutional Group executive vice president Christian Lee, CBRE/Melody's South Florida Office managing director Charles Foschini and CBRE/Melody's South Florida Office vice president Christopher Apone.

The property is in close proximity to major highways in the area, seaports, airports and Miami's Central Business District. It features quality build-outs, temperature controlled offices, loading capabilities that are highlighted by 105-foot deep truck courts gated at each end, 20-foot clear ceiling heights, a 1.23 per 1,000 sf parking ratio and 24 16-foot by 20-foot double-size, dock-high loading docks.

The property is located in the Airport West submarket, which saw strong sales and leasing activity in 2006. According to a CB Richard Ellis Q4 industrial market report for Miami, of the 15.5 million sf of industrial property sold in 2006, 7.3 million sf were located in the Airport West submarket. The submarket experienced a 4.5% vacancy rate with 1.075 million sf of absorption for the year and average asking rental rates of $8.91 per sf.