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At year-end 2018, the Miami-Dade industrial real estate market saw net absorption of 1.3 million square feet for the year and a 4.5% overall vacancy rate.
The increase in market value of MetLife's CRE investments is being driven by strong activity throughout North and South American, European, and Asian markets.
The sale will allow Somerset to transform the vacant former AT&T campus into the Chicago region's first “Metroburb,” modeled after its successful NJ version.
Plans for the site, which are still indefinite, are expected to include commercial and industrial repurposing as well as potential institutional, educational and residential components.