An affiliate of CBRE Global Investors has purchased the 45-acre, 11-building office park, Airport Corporate Center.
Strategic Partners US, has purchased from Hines REIT Airport Corp Center LLC, at a reported price of $132.3m.
According to Strategic Partners US’s president, Vance Maddocks, the local economy is particularly strong and many jobs are being created, hence the demand for office space.
The property is situated at 7200-7665 Corporate Center Drive, directly adjacent to Miami International Airport. A $600m road widening and construction project is currently being done which will also improve access to the buildings once complete during the latter part of 2014, early 2015.
The center offers more than one million square feet of leasable space. It offers both single-storey and mid-rise office blocks, with surface parking. At the time of the sale, the property was 78.6% leased.
With the vacancy rate for office space in the city having dropped drastically over the past two years, the demand remains strong.
Maddocks believes that they acquired the property at quite a large discount to its long-term value.
This is the initial entry into the Miami office market for Strategic Partners, although it has purchased residential properties within South Florida previously. The deal remains in line with the group’s philosophy.
Maddocks said the property is almost 80% leased and they intend renovating the park to prepare for leasing it in a market which is currently in the midst of a recovery.
The planned renovations will involve both interior and exterior upgrades, landscaping and the implementation of the company’s signature 5-Star Worldwide amenity and service program, which includes adding a fitness center and a range of conference centers.