Miami, FL – May 10, 2012 – (RealEstateRama) — CBRE Capital Markets brokered the sale of International Corporate Park, a three-building, 340,143-square-foot industrial asset, on behalf of a Boston based investment fund. The property was purchased by a major institutional investor for $46,600,000, or $137 per square foot, representing a high-water mark for warehouse distribution space in Miami.
Located at 9825 NW 17th Street, 1530 NW 98th Street, and 9835 NW 14th Street, the portfolio is located within one of the strongest industrial submarkets in Florida, Miami’s Airport/Doral submarket.
At the time of closing, the three buildings were 100% occupied by two credit-worthy tenants on long-term leases. These Class A properties were delivered between 1999 to 2001 and possess the required functionality to retain and attract the target tenancy.
CBRE Capital Markets professionals in Miami, Florida and Atlanta, Georgia teamed up to market the asset for sale and negotiate the transaction on behalf of the seller. Team members included Vice Chairmen Christian Lee, Charles Foschini, and Chris Riley and Vice Presidents Christopher Apone and Brian Budnick.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2011 revenue). The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.
Contact:
Elizabeth Cross
Marketing Director, FL
305.428.6373
elizabeth.cross (at) cbre (dot) com
Lauren Crawford
Communications & Media Manager, FL
813.273.8482
lauren.crawford (at) cbre (dot) com
