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GlobeSt.com EXCLUSIVE: Fidelity Divests Interest in Office Park

CORAL GABLES, FL-Kendall Summit/FREAM has acquired sole ownership of a 175,000-sf office park in southwest Miami-Dade County.

By David R. Corder | Updated on July 10, 2001

CORAL GABLES, FL-Kendall Summit/FREAM has acquired the outstanding partnership interest in a 175,000-sf office park in southwest Miami-Dade County from Boston-based Fidelity Investments .

The affiliate of Coral Gables-based Capital Realty Services Inc. used the proceeds from a $16.67 million loan through Lehman Brothers to acquire the class A office space in five buildings in the Kendall Summit office park, 11400 N. Kendall Drive.

“Fidelity is an excellent partner, but they have short-term investment horizons, and wanted to take their profit and look for other opportunities,” Isaac K. Fisher, a principal officer in Capital Realty Services, tells GlobeSt.com. “We, on the other hand, are long-term holders and believe that continued appreciation in market rents will continue to add value to the property.”

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