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AMB Buys 23-Building Beacon Centre from Duke-Weeks for $160.7 Mil

MIAMI-The San Francisco real estate investment trust's AMB Property LP arm has acquired Beacon Centre, a 23-building, 2.2 million-sf industrial center a mile west of Miami International Airport for $87.95 million in cash and $72.65 million in assumed debt.

By David C. Kimball | Updated on December 05, 2000

MIAMI-AMB Property Corp., through its AMB Property LP arm, has added a major Miami industrial center to its assets roll with the acquisition of the 23-building, 2.2-million-sf Beacon Center for $160.7 million or $73 per sf. AMB is paying Duke-Weeks Realty Corp. of Indianapolis, IN $87.95 million in cash and $72.65 in assumed debt. Five ground leases are part of the transaction.

Beacon Centre’s largest tenant is Tech Data with 224,000 sf. Other tenants are DHL, Telegis, Commonwealth Distributors, Geologistics, Acer and Kuehne & Nagel. About 90% of the complex is bulk warehouse space. The remainder is office and retail. Warehouse space averages $7 per sf to $8 per sf.

The Beacon Centre purchase gives AMB four million square feet of industrial space in the west airport submarket here, according to AMB asset manager Dave Buxbaum based in Boston. “The strategy is to own real estate on or near the airport.” Buxbaum says. “Miami International Airport is a very important player in the global air freight market.”

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