MIAMI-The Adler Group has refinanced a local office/industrial portfolio for $53.5 million through two loans from separate lenders. The properties, all located at Miami Industrial Commerce Center in the Airport West submarket, were financed because a seven-year CMBS loan had matured. Both of the seven-year, fixed rate loans were arranged by Holliday Fenoglio Fowler LP senior managing director Paul Stasaitis and senior real estate analyst Todd Adams.

"The property's prime location, operating history and highly experienced sponsorship created an extremely competitive lending market for these placements," said Stasaitis in a release. "Many market participants may view the debt markets as somewhat stymied. However, these transactions, which were closed within three weeks of application execution, simply illustrate that there is ample debt-market liquidity."

Office Park at MICC, a 355,270-sf, eight-building flex property, was refinanced for $38 million with AIG. The park's amenities include an on-site restaurant and health club, along with conference and meeting rooms, with rental rates ranging from $22 to $26 per sf.

Adler Business Center, which consists of five buildings at MICC, has been refinanced for $15.5 million by Des Moines, IA-based Principal Financial Group. Business Center I is a 62,832-sf flex office/industrial property consisting of two buildings, while Business Center II includes three buildings totaling 133,416 sf.

Tenants at the properties include ITT Technical Institute, Miami-Dade Health Department and American Cancer Society. In total, all of the buildings in the portfolio are around 93% occupied, according to an Adler spokesperson. The group originally developed over 4.5 million sf of office and industrial space at MICC in the late 1970s, and now owns the Office Park and Adler Business Center within the complex.