LOS ANGELES – October 16, 2014 – A fund sponsored by CBRE Global Investors has acquired Airport Corporate Center, a 45-acre, 11-building office park adjacent to the Miami Airport. The property, which is 78.6 percent leased, includes over one million square feet of rentable space.
Airport Corporate Center is located at 7200-7665 Corporate Center Drive, immediately adjacent 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 currently underway and will further improve access to the property upon completion in late 2014/early 2015.
The property includes both mid-rise and single-story office buildings with both structured and surface parking. Occupancy is expected to benefit from the new ownership; a restructured leasing team; targeted renovations, including exterior and interior building and landscaping upgrades; and implementation of the firm’s signature 5-Star Worldwide service and amenity program, including the addition of conference centers and a fitness center.
“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,“ said Vance Maddocks, President of Strategic Partners U.S. “We plan to create an exceptional environment for companies and their employees in the expanding Miami economy.”
About CBRE Global Investors
CBRE Global Investors is a global real estate investment management firm with $92.8 billion in assets under management* as of June 30, 2014. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and investment company for the benefit of its investors. CBRE Group, Inc. has approximately 44,000 employees in approximately 350 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com
*Assets under management (AUM) refers to fair market value of real estate-related assets with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice, and which generally consist of properties and real estate-related loans; securities portfolios; and investments in operating companies, joint ventures and in private real estate funds under its fund of funds program. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real estate market, and its calculation of AUM may differ from the calculations of other asset managers.