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Keystone Expands into Miami with $114M Purchase

MIAMI-In an expansion into a new geographic market, Keystone Property Trust has purchased the 300-acre, 13-building, 97%-leased park for $114.4 million, not including closing costs but including $67.6 million in assumed debt.

By Melissa Bogdany | Updated on November 12, 2003

MIAMI-Keystone Property Trust has acquired International Corporate Park, a 1.7-million-sf master-planned industrial park in the city from the Easton Group Inc. for $114.4 million. The purchase price does not include closing costs but does account for $67.6 million in assumed debt.

The 300-acre, 97%-leased International Corporate Park consists of 13 modern warehouse/distribution buildings built from 1996 to 2002. The park is located in the Airport West submarket of the Miami-Dade County, within two miles of Miami International Airport and within five miles of the Port of Miami and Downtown.

In addition, Keystone has some development rights on extra ground within the park, and that could provide as much as around 340,000 sf of space. With the acquisition, Keystone expands into a new geographic market.

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