U.S. investment management services firm CPF Investment Group has closed on the sale of its industrial properties and 1 million square feet of development rights at a mixed-use Miami business park.
The assets are situated within the AVE Aviation & Commerce Center, located adjacent to Miami-Opa Locka Executive Airport. The properties in the deal include a 478,000-square-foot U.S. Postal Service mail sorting facility.
Other properties in the transaction are three Class A buildings that together comprise 470,000 square feet and the development rights involving 15 acres at the site that are currently occupied by Off Lease Only.
More so, CPF Investment Group sold the properties to a joint venture (JV) of Canadian property management firm BentallGreenOak and U.S. peer Bridge Development Partners for $126 million.