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340-ACRE MIAMI INTERNATIONAL COMMERCE CENTER (MICC), PREMIER BUSINESS PARK IN WEST DADE, TO BE SOLD

 MIAMI, Aug. 25 /PRNewswire/ -- Adler Group and Metropolitan Life Insurance Company, the partners who built Miami International Commerce Center (MICC), one of South Florida's largest and most successful commercial real estate projects, have signed a letter of intent to sell the 340-acre property to T.A. Associates Realty, a real estate manager of pension and investment funds.
 The sale is expected to close by the end of the year, said Michael M. Adler, partner of MICC Venture, the joint venture between Adler Group and MetLife.
 MICC was the pioneer industrial project in the Airport West market, an area just west of Miami International Airport which is now South Florida's premier commercial real estate market.
 Development of the project first started in 1978. Over the next three years, Adler built 1.25 million square feet of warehouse space. In 1981, MetLife was brought in as a partner. Today, MICC comprises more than 3.8 million square feet of warehouses, showrooms and offices, with an occupancy rate that averages close to 98 percent. About 30 acres remain undeveloped.
 "Over the years, we've considered a number of options for the property," noted Adler. "This transaction made the most business sense."
 The MICC acquisition was negotiated by Howard H. Glass, president, and Manuel de Zarranga, vice president, of the Miami office of Sonnenblick-Goldman, which was retained as an investment advisor by MICC Venture in March.
 According to Adler, T.A. Associates is discussing Adler Group's future role at MICC, and his company may be responsible for leasing, property management and additional development at the park.
 T.A. Associates Realty recently purchased North River Commerce Center, a 500,000-square-foot industrial park located in the Medley section of Dade County.
 -0- 8/25/93
 /CONTACT: Bruce S. Rubin of Bruce Rubin Associates, 305-448-7450, for Adler Group/


CO: Adler Group; Metropolitan Life Insurance Company; Miami
 International Commerce Center; T.A. Associates Realty ST: Florida IN: SU:


RC-JB -- FL006 -- 5835 08/25/93 16:06 EDT
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Publication:PR Newswire
Date:Aug 25, 1993
Words:328
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