Hines REIT acquires Airport Corporate Center

Hines Real Estate Investment Trust Inc. has acquired a 45-acre office park in Miami, marking its first acquisition in Florida.

The value of the transaction was not disclosed.

Located in the Airport West/Doral submarket of Miami, Airport Corporate Center is home to 11 buildings totaling 1,018,477 square feet, plus a fully entitled 5.4-acre development site that could accommodate an additional 146,000 square feet of office space. Of the 11 buildings, six are multistory 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.

GE Asset Management sold the property, which was 95 percent leased to tenants including: Norwegian Cruise Lines; Assurant Health; Assurant Benefits; General Electric; United Health Care; Bell South; Tyco Health Care and URS.

Hines REIT is a Houston-based public real estate investment trust sponsored by Hines.

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