Hines Agrees to Sell Airport Corporate Center Near Miami for $132.3M

Houston-based Hines Real Estate Investment Trust, Inc. has entered into a contract to sell Airport Corporate Center, a portfolio of properties located in the Miami Airport submarket of Miami, FL.

The net contract sales price for Airport Corporate Center is expected to be $132.3 million, exclusive of transaction costs and closing pro-rations.

The REIT originally acquired its interest in Airport Corporate Center in January 2006 for $156.8 million. It says it expects the closing of this sale to occur in September 2014.

Airport Corporate Center consists of 11 buildings totaling 1,021,394 square feet and a 5.46-acre land development site. 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.

Major tenants include Norwegian Cruise Line, Assurant Health, Assurant Benefits, General Electric, United Health Care and BellSouth.