AVE Aviation & Commerce Center Sells Industrial Portion of Mixed-Use Development in Metro Miami for $126M
HIALEAH, FLA. — AVE Aviation & Commerce Center Inc. has sold the industrial portion of AVE Aviation & Commerce Center, a 2.6 million-square-foot master-planned development in Hialeah. Bridge Development Partners and BentallGreenOak acquired the assets in a joint venture for $126 million. The sold portion comprises 948,000 square feet of industrial space that is fully leased to the United States Post Office, which occupies 478,000 square feet; and three multi-tenant buildings totaling 470,000 square feet. Also included in the sale is Off Lease Only, a wholesaler of cars that spans 15 acres. In addition, the buyers acquired 1 million square feet of industrial and aviation-related development rights situated on 47 acres. AVE Aviation and Commerce Center Inc. will retain ownership of 41 acres, which is planned for the 13-acre development of a Fairfield Inn & Suites under the Marriott flag, and 28 acres of aeronautical space that is set to be the future home of Banyan Air Services. CPF Investment Group is the master-developer of AVE Aviation & Commerce Center. which is fully leased to more than 30 tenants including Turbopower, Boars Head, Johnson Controls, Rolls Royce and Herbalife. The property is situated at 14350 NW 56th Court, 17 miles north of downtown Miami.