Lehman Bros. Bank FSB provided the funding for the 11-building portfolio. Managing director Paul Stasaitis and associate Todd Adams of the local office of Holliday Fenoglio Fowler LP, a commercial real estate capital intermediary, secured the refinancing, which consisted of a five-year, 4.78%, interest-only, fixed-rate securitized loan. The Boston office of Holliday Fenoglio Fowler assisted on the deal.
Miami RPFIV Airport Corporate Center, a sole-purpose entity, is controlled by an undisclosed institutional owner. It consists of class A and class B office, office service and warehouse space spanning 50.3 acres, with most of the park consisting of office space. The property is located at the west end of Miami International Airport. Besides the airport, tenants on the property also have quick access to the Palmetto Expressway and Route 836.
The buildings in the park, located from 7200 to 7665 Corporate Center Dr., range from 37,444 sf to 125,658 sf and it is currently 82% occupied. Tenants include Norwegian Cruise Lines, NHP Holdings, South Florida Workforce, Nextel and Rockwell Collins, along with several companies taking smaller spaces.
According to Stasaitis, the property differs from others due to its proximity to the airport, Coral Gables and major roadways. "These factors and the asset's quality contributed to overwhelming responses from lenders," Stasaitis says in a statement.
Airport Corporate Center is part of the Airport/West submarket, where the overall vacancy rate in the fourth quarter was 20.3% and the direct vacancy rate was 18.2%, according to Cushman & Wakefield's year-end office report for Miami-Dade County. Office leasing activity for the year in that submarket was 684,504 sf, the report states.
Last year, more than 280,000 sf in deals were signed at Airport Corporate Center. Of those, six leasing transactions worth a combined $1.5 million closed in the fourth quarter. In the third quarter of 2003, seven leases were signed totaling more than 27,000 sf and were valued at a combined $2.9 million.
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