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KPG Eyes Value-Add Deals in Florida Expansion

MIAMI-Keystone Property Group will target the state's key markets of South Florida, Tampa and Orlando.

By Natalie Keith | Updated on March 10, 2008

MIAMI-With its large stock of older buildings and solid tenant base, Philadelphia-based Keystone Property Group is planning to expand into Florida. The expansion plans are part of a decision the company made three years ago to expand outside the mid-Atlantic and Northeast areas.

The Florida expansion comes on the heels of acquiring approximately one million sf in the Chicago area, Keystone Property Group vice president of acquisitions Matt Sigel tells GlobeSt.com. “Florida was attractive to us because it’s an institutional market and there’s a lot of liquidity in good times and bad,” Sigel says.

Sigel says the company will focus on acquiring value-add opportunities in the key Florida markets of Miami, Fort Lauderdale, West Palm Beach, Tampa, Orlando, and possibly Jacksonville. Although the company does not have a specific value amount or total square footage of properties it plans to acquire, Sigel says he anticipates the company will acquire another 500,000 sf to one million sf throughout the year.

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