Hines buys space in South Florida

Aims to capitalize on Miami's 'economic growth'

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Hines's U.S. Office Value Added Fund has acquired Doral Corporate Center, a 276,000-square-foot office complex in Doral, Fla. The value of the transaction was not disclosed. Florida Office Property Co. Inc., a private REIT, sold the property, which comprises two seven-story buildings on 13.6 acres. Built in 1985, the project was 82 percent leased at the time of sale to tenants that included Citibank, New York Life, BP/Castrol and Medtronic. Also included in the deal are two potential development sites for retail and office or hotel uses, according to a press statement. Hines Senior Vice President and fund manager Dave Congdon said, "We are pleased to have purchased such a high-quality property in a growing suburban office market. It provides an excellent opportunity to own a prime property in a location that will continue to benefit from the economic growth of Miami and the suburban markets surrounding the international airport." ...