PS Business Parks LP of Glendale, CA, purchased the retail space in the 53-building park, while that entity created a wholly owned subsidiary, PSBP Industrial LLC, to own the industrial space, according to J. Donald Wasil, local partner and co-chairman of the law firm Shutts & Bowen LLP's Real Estate Department. Wasil headed the team of attorneys representing the seller. CB Richard Ellis was the brokerage that represented the seller. Jack Fraker, executive vice president of CBRE's Investment Properties Investment Group; Randy Baird, senior vice president; and John Robinson, first vice president, represented Heitman Capital Management LLC, a global asset management company that is the adviser to the seller, a pension fund with many participants.

More than 20 entities put offers on the business park, offered for sale last fall. The deal closed Dec. 30 because the buyer wanted to complete it by the end of the year, Wasil says.

The business park, adjacent to Miami International Airport, houses a variety of distribution, warehouse and service properties. The buildings were built between the late 1970s and last year and about 275 tenants are located at the park, including some national, but mostly smaller businesses. However, occupancy is down at the park. "It's a soft market out there still," according to Wasil.