MIAMI—Airport Corporate Center, a 45-acre, 11-building office park next to the Miami Airport, has a new owner. A CBRE Global Investors-sponsored fund acquired the 1 million-plus-square-foot office asset from Hines. The property is 78.6% leased. Financial terms of the deal were not disclosed.
“Miami, which is a top 10 metropolitan office market in terms of forecasted rent growth, has a relatively diverse economy, strong ties to fast-growing Latin America, a large port, a well-developed trade infrastructure and a dynamic magnetism that draws domestic and international tourists,“ Vance Maddocks, president of Strategic Partners US, tells GlobeSt.com. “We plan to create an exceptional environment for companies and their employees in the expanding Miami economy.”
Located at 7200-7665 Corporate Center Drive, Airport Corporate Center sits next to Miami International Airport and Miami's two main thoroughfares—the Palmetto Expressway and the Dolphin Expressway. A $600 million road construction/widening project is underway, when finished in late 2014 or early 2015, will improve access to the property.
Airport Corporate Center includes both mid-rise and single-story office buildings with structured and surface parking. New ownership is planning targeted renovations, including exterior and interior building and landscaping upgrade. CBRE will also implement its 5-Star Worldwide service and amenity program, including the addition of conference centers and a fitness center.
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