Search
 

Miami Business Park Sells for $205M

MIAMI-PS Business Parks LP of Glendale, CA, bought the 3.4 million-sf, 53-building Miami International Commerce Center, which is home mainly to smaller businesses. CB Richard Ellis and the law firm Shutts & Bowen LLP represented Heitman Capital Management LLC, the adviser to the seller, a pension fund.

By Melissa Bogdany | Updated on January 05, 2004

MIAMI-The 3.4 million-sf Miami International Commerce Center has been sold for $205 million. The price equates to about $60.29 per sf.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.