MIAMI—Airport Corporate Center, a 45-acre, 11-buildingoffice park next to the Miami Airport, has a newowner. A CBRE Global Investors-sponsored fundacquired the 1 million-plus-square-foot office asset from Hines.The property is 78.6% leased. Financial terms of the deal were notdisclosed.

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“Miami, which is a top 10 metropolitan office market in terms offorecasted rent growth, has a relatively diverse economy, strongties to fast-growing Latin America, a large port, a well-developedtrade infrastructure and a dynamic magnetism that draws domesticand international tourists,“ Vance Maddocks,president of Strategic Partners US, tells GlobeSt.com. “We plan tocreate an exceptional environment for companies and their employeesin the expanding Miami economy.”

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Located at 7200-7665 Corporate Center Drive, Airport CorporateCenter sits next to Miami International Airport and Miami's twomain thoroughfares—the Palmetto Expressway and the DolphinExpressway. A $600 million road construction/widening project isunderway, when finished in late 2014 or early 2015, will improveaccess to the property.

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Airport Corporate Center includes both mid-rise and single-storyoffice buildings with structured and surfaceparking. New ownership is planning targeted renovations, includingexterior and interior building and landscaping upgrade. CBRE willalso implement its 5-Star Worldwide service and amenity program,including the addition of conference centers and a fitnesscenter.

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