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December 22, 2011

cpf investment group Completes $33 Million Refinance of AVE Aviation & Commerce Center

by admin

MIAMI (July 5, 2011) –– cpf investment group, developer of AVE Aviation & Commerce Center, has completed a $33 million refinance of the 2.6 million-square-foot, master-planned, mixed-use business park located at the western edge of Opa-Locka Executive Airport, announced today Ernesto Cambo, principal of cpf.

 

The transaction, financed by JP Morgan, will pave the way for the development of a 135,000-square-foot facility for premier fixed-base operator Banyan Air Service, which signed a 20 year, $40 million lease in late 2010, a 12,000-square-foot retail strip, as well as a proposed 120-room hotel.

 

Plans for the business park call for a $5 million service-oriented retail strip fronting northwest 57 Avenue (Red Road), just north of the Gratigny Parkway and less than a mile south of the Palmetto Expressway. The strip will include a Subway, a bank, sit-down Cuban restaurant and other retailers that complement the surrounding industrial and office space. RaceTrac, which signed a 20-year ground lease for a full-service, 24-pump gas station and 6,000-square-foot convenience store in April, also plans to develop an adjacent 73,000-square-foot parcel.

 

“We are extremely pleased to announce the closing of this transaction with JP Morgan. Supply for new industrial properties located near major expressways is limited and will continue to be in high demand for businesses seeking distribution centers,” said Cambo. “This refinancing demonstrates confidence in bringing the continued growth of this business park to fruition.”

 

Since mid-2010, AVE has signed more than $53 million and 250,000 square feet of leases with total occupancy of its existing buildings currently at 94 percent. Several buildings have already been completed and leased, including a 500,000-square-foot mail sorting facility for the U.S. Postal Service and Building “N”, a Class A, 151,000-square-foot industrial facility with tenants including Goodyear, Suntrade Imports, BK Frames and Cintas, among others.

 

About AVE Aviation & Commerce Center

AVE Aviation & Commerce Center has been estimated in a study by the Beacon Council to have an economic impact in excess of $1 billion, with approximately 3,000 permanent jobs and 2.6 million square feet of retail and warehouse facilities, and aircraft hangars. The business park is the result of a long-term land lease from Miami-Dade County through the Miami-Dade Aviation Department. Completion of the entire business park is projected for 2015.

 

AVE’s amenities include underground utilities such as natural gas, and curb and gutter infrastructure, offering an efficient pole-free design, while also allowing for automatic stand-by generators that are capable of running continuously during storms, disaster recovery and extended power outages. On-site security, rear or cross-dock loading, and 24-foot interior ceiling clearance also add to the property’s distinct appeal. Additional information about AVE is available at www.avemiami.com.  For property inquiries, contact Ernesto Casal of Capital Commercial Group at (305) 591-3606.