3.4M-SF Business Park on the Market

MIAMI-The 53-building, 3.4 million-sf Miami International Commerce Center here is up for sale. The business park, adjacent to Miami International Airport, houses a variety of distribution, warehouse and service properties designed to accommodate any tenant profile in the global and local trade markets.

CB Richard Ellis has received the investment sales assignment from the owner, a pension fund. Jack Fraker, executive vice president of CB Richard Ellis’ Investment Properties Investment Group, Randy Baird, senior vice president, and John Robinson, first vice president, are representing Heitman Capital Management, a global asset management company that is the pension fund owner’s adviser. There are a number of different participants in the fund.

The fund had a 10-year life, and it’s been about 10 years since it purchased the property. “So the original business plan was to buy it, enhance the value, grow the tenants, grow the rents and sell it about 10 years later,” says Fraker.

Approximately 275 tenants are located at the business park, including some national but mostly smaller businesses “that are interested in the close proximity to the airport and also the port of Miami,” Fraker says. Tenants include New York Stock Exchange-traded companies, foreign companies and private businesses. The park has a “very diversified” tenant mix, Fraker says.

The first buildings in the park were built in the late 1970s and the most recent industrial building was completed in 1997. A final small retail frontage project was finished this year.

Fraker, Baird and Robinson have experience representing large-scale, high-profile transactions.

“The MICC project is a career assignment for our team,” Fraker says in a statement. “It is a master-planned business park situated at an irreplaceable location with direct access to Miami International Airport and prime freeway frontage. As global trade continues its exponential growth, MICC stands to be a direct beneficiary. The park also caters to a wide variety of local and regional tenants that provide goods and services to the local Miami and South Florida region.”