Miami Business Park Sells for $205M

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.