{"id":1004361440,"date":"2019-10-20T22:28:11","date_gmt":"2019-10-21T06:28:11","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004361440"},"modified":"2019-10-21T07:02:51","modified_gmt":"2019-10-21T15:02:51","slug":"bentallgreenoak-jv-pays-126m-for-miami-industrial-assets","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/bentallgreenoak-jv-pays-126m-for-miami-industrial-assets\/","title":{"rendered":"BentallGreenOak-Led JV Pays $126M for Miami Industrial Assets"},"content":{"rendered":"
\"\"<\/a>

AVE Aviation & Commerce Center. Image courtesy of AVE Aviation & Commerce Center<\/em><\/p><\/div>\n

A partnership of BentallGreenOak and Bridge Development Partners has acquired four industrial properties and 1 million square feet of development rights at a mixed-use Miami business park for $126 million. The seller was CPF Investment Group. The buildings are located within the 2.6 million-square-foot AVE Aviation & Commerce Center<\/a>, located adjacent to Miami-Opa Locka Executive Airport.<\/p>\n

Situated at 14350 NW 56th<\/sup> Court, about 16 miles northwest of downtown Miami, the AVE Aviation & Commerce Center sits within the Miami Lakes industrial submarket and is one of the largest business parks in the area. The 100 percent occupied property is leased to a mix of tenants including Turbopower, Boars Head, Johnson Controls, Rolls Royce and Herbalife.<\/p>\n

The properties in the deal include a 478,000-square-foot USPS mail sorting facility that handles all domestic mail in South Florida and three Class A buildings that together comprise 470,000 square feet. The development rights included in the transaction entail 15 acres at the site that are currently occupied by Off Lease Only<\/a>, a wholesale car dealership.<\/p>\n

AVE Aviation & Commerce Center will retain its ownership of 41 acres of land at the site, including a parcel where a Fairfield Inn & Suites is set to be developed and 28 acres of aeronautical space is planned to be the future home of Banyan Air Services.<\/p>\n

A \u201ctremendous\u201d location<\/strong><\/h2>\n

Ernesto Cambo, principal of CPF Investment Group, said the buyers were drawn to the properties due to the competitive rental prices and strategic location.<\/p>\n

\u201cThe deal was attractive because AVE is a unique Class-A infill industrial asset with the highest net rents in the marketplace,\u201d<\/em> Cambo told Commercial Property Executive<\/em>. \u201cIt\u2019s rent roll is risk mitigated in size and across several business sectors: logistics, automotive, aviation, distribution and food. The vacant land allows for investors to acquire an extremely well-positioned asset with a risk adjusted return in a proven submarket which happens to be in a tremendous location.”<\/em><\/p>\n

Wayne Schuchts of Avison Young represented Bridge Development Partners and BentallGreenOak in the deal, while Ernesto Casal of Casal Group represented AVE Aviation and Commerce Center.<\/p>\n","protected":false},"excerpt":{"rendered":"

The purchase also includes 1 million square feet of industrial and aviation-related development rights. <\/p>\n","protected":false},"author":745,"featured_media":1004361446,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21748,1492,21742],"tags":[46487,34456,38739],"class_list":["post-1004361440","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-industrial","category-miami","category-latest","tag-bentallgreenoak","tag-bridge-development-partners","tag-cpf-investment-group"],"acf":[],"yoast_head":"\nBentallGreenOak-Led JV Pays $126M for Miami Industrial Assets - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/bentallgreenoak-jv-pays-126m-for-miami-industrial-assets\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BentallGreenOak-Led JV Pays $126M for Miami Industrial Assets\" \/>\n<meta property=\"og:description\" content=\"The purchase also includes 1 million square feet of industrial and aviation-related development rights.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/bentallgreenoak-jv-pays-126m-for-miami-industrial-assets\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2019-10-21T06:28:11+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-10-21T15:02:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/10\/J-Picture-e1571431899141.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Holly Dutton\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/bentallgreenoak-jv-pays-126m-for-miami-industrial-assets\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/bentallgreenoak-jv-pays-126m-for-miami-industrial-assets\/\",\"name\":\"BentallGreenOak-Led JV Pays $126M for Miami Industrial Assets - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/bentallgreenoak-jv-pays-126m-for-miami-industrial-assets\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/bentallgreenoak-jv-pays-126m-for-miami-industrial-assets\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/10\/J-Picture-e1571431899141.jpg\",\"datePublished\":\"2019-10-21T06:28:11+00:00\",\"dateModified\":\"2019-10-21T15:02:51+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/9259ffaba4775229ae3556b9555e566d\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/bentallgreenoak-jv-pays-126m-for-miami-industrial-assets\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/bentallgreenoak-jv-pays-126m-for-miami-industrial-assets\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/bentallgreenoak-jv-pays-126m-for-miami-industrial-assets\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/10\/J-Picture-e1571431899141.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/10\/J-Picture-e1571431899141.jpg\",\"width\":800,\"height\":600,\"caption\":\"AVE Aviation & Commerce Center. 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