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MIAMI-New York City-based Time Equities Inc. has acquired a 13-building, 805,000-sf industrial and retail/showroom portfolio for $67.25 million. The assets are adjacent to the Miami International Airport.

The portfolio is comprised of the nine-building, 500,000-sf International Airport Center at NW 72nd Avenue between 26th and 31st streets; the three-building, 250,000-sf Milam Industrial Center at NW 72nd Avenue between 44th and 46th streets and a 60,000-sf industrial building at 121 NE 179th St. in Miami Gardens.

Time Equities acquisition directors Jeff Rosenblum and Ashish Dua handled the transaction. “The proximity to the airport, small bay sizes and strong demand for industrial space made this an extremely attractive opportunity for us,” Rosenbaum says.

With bays of 1,000 sf to 4,000 sf, the portfolio has attracted tenants in air-related industries. Tenants include Orion Engines Services LLC, Professional Wireless Systems and Peter Casablanca Furniture.

Among reasons for the acquisition is the strength of the Airport West submarket. With a vacancy rate of 3%, the submarket sits at the top of the strong industrial market in Miami-Dade County. Industrial sales activity has also been strong. According to a CB Richard Ellis industrial market report for Miami for the fourth quarter, 15.5 million sf of industrial property changed hands in 2006. Of that figure, 7.3 million sf of sales activity was in the Airport West submarket.

Over the last two years, Time Equities has acquired $200 million in property in the Southeast. Among the company’s recent acquisitions in South Florida include a 150,000-sf building at 3111 S. Dixie Highway in West Palm Beach, a 160-unit residential complex at 611 E. Woolbright Rd. in Boynton Beach and a 110,000-sf industrial property at 11427 NW 60th Ave. in Miami Lakes.

“As long-term investors, we firmly believe in the growth and vitality of the Southeast, particularly South Florida,” Dua says.

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