Liberty Drops $20M On Miami Industrial Park Site

Law360, New York (December 21, 2011, 5:31 PM EST) -- Pennsylvania real estate investment trust Liberty Property Trust paid $20 million for 126 acres in an industrial submarket near Miami International Airport for a planned 1.6-million-square-foot warehouse and distribution center, broker CB Richard Ellis said Wednesday.

Liberty bought the land from concrete contractor Tarmac America Inc. along with property from other associated parties for a total investment of $20 million — the largest real estate transaction to take place in the region since before the recession, according to CBRE.

“This acquisition marks our entrance into Miami-Dade...
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