CB Richard Ellis Institutional Group vice chairman Christian Lee, CBRE/Melody South Florida office vice chairman Charles Foschini and CBRE/Melody South Florida office vice president Christopher Apone represented the seller. Bala Cynwyd, PA-based Keystone Property Group purchased the assets. KPG is a value-add investor in office, flex, and industrial buildings in prime locations.
Foshini explains that the buy was right up the purchaser's strategic alley. "A new buyer with a new source of capital can rehab the property and drive rents higher," he says.
The property is located just west of US 1 in Downtown Kendall/Dadeland, an area which is undergoing extensive growth and revitalization. "The Dadeland submarket is one of the strongest submarkets in Miami," he says. "It truly is a live-work-play environment with access to public transportation and major highways."
The building's occupancy was in the mid- to upper 80s at the time of the sale. Major tenants include Burger King, Independent Purchasing Corp., City College and Quintairos, McCumber, Prieto & Wood PA, although Burger King is planning to vacate space. "That is space that can be re-rented at a higher rate," he says.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
