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3.4M-SF Business Park on the Market

MIAMI-The 53-building Miami International Commerce Center houses about 275 tenants, mostly smaller businesses, in a variety of distribution, warehouse and service properties. The buildings were built between the late 1970s and this year.

By Melissa Bogdany | Updated on September 17, 2003

MIAMI-The 53-building, 3.4 million-sf Miami International Commerce Center here is up for sale. The business park, adjacent to Miami International Airport, houses a variety of distribution, warehouse and service properties designed to accommodate any tenant profile in the global and local trade markets.

CB Richard Ellis has received the investment sales assignment from the owner, a pension fund. Jack Fraker, executive vice president of CB Richard Ellis’ Investment Properties Investment Group, Randy Baird, senior vice president, and John Robinson, first vice president, are representing Heitman Capital Management, a global asset management company that is the pension fund owner’s adviser. There are a number of different participants in the fund.

The fund had a 10-year life, and it’s been about 10 years since it purchased the property. “So the original business plan was to buy it, enhance the value, grow the tenants, grow the rents and sell it about 10 years later,” says Fraker.

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