Hines has announced that Hines Real Estate Investment Trust, Inc. (Hines REIT) has acquired Airport Corporate Center from GE Asset Management. Hines is the sponsor of Hines REIT, and is responsible for the management and leasing of its assets.
Located in the Airport West/Doral submarket of Miami, the 45-acre office park is home to 11 buildings totaling 1,018,477 ft, plus a fully entitled 5.46-acre development site that could accommodate an additional 146,000 ft of office space. Of the 11 buildings, six are multi-story office buildings, four are single-story office flex buildings; and one is a warehouse. The complex includes surface and structured parking for 4,100 cars. Of significance, and in light of the 2005 hurricane season, Airport Corporate Center has redundant electrical services and never lost power during Hurricanes Katrina or Wilma.
In total, the property is 95% percent leased to an array of prominent national and regional tenants including: Norwegian Cruise Lines; Assurant Health; Assurant Benefits; General Electric; United Health Care; Bell South; Tyco Health Care and URS.
We believe that Airport Corporate Center further enhances the Hines REIT portfolio with its quality tenancy and proximity to one of the worlds busiest international airports, said Charles Hazen, president of Hines REIT.
"We are happy to be managing this acquisition in a market that continues to demonstrate a dynamic resurgence in leasing activity and one that we think is poised for strong growth, said Michael Harrison, senior vice president of Hines. South Florida, and the Miami-Dade area in particular, remain a strategic market for Hines, and we expect to continue expanding Hines presence through acquisitions and development.
Airport Corporate Center offers tremendous flexibility to tenants. For example, tenants have started in flex space, then moved to office space as their business grew, commented Gonzalo Cortabarria, a Hines asset manager. We believe its excellent location, in the center of the Miami Metropolitan Area, adjacent to the airport and next to the Palmetto and Dolphin expressways is a major selling point for future leasing efforts.
Hines experience in the Miami-Dade area includes the development, in 1984, of the 55-story Wachovia Financial Center, and in 2004, the 12-story 2525 Ponce de Leon building in Coral Gables. This is Hines REITs first acquisition in Florida.