Keystone Property Group Acquires Office Building In Miami Lakes, Florida

Nov. 2, 2008 - PRLog -- Keystone Property Group is pleased to announce their acquisition of 5875 NW 163rd St. in Miami Lakes, Florida.  The 144,000 SF operations center, currently 100% vacant, once served as a check cashing and training facility for Bank of America. The purchase price for 5875 NW 163rd St. was $11,400,000 or $79.17 / SF.

The site spans across 10.71 acres and sits four miles west of Interstate 95, just south of the border of Miami-Dade and Broward counties. This convenient location offers immediate access to the Palmetto Expressway, Interstate 75, and the Florida Turnpike, as well as, close proximity to restaurants and amenities such as the original Shula’s Steak House, hotel, and premier golf course.  The close proximity to the Opa Locka Airport, Miami International Airport, and Ft. Lauderdale/Hollywood Airport, ensures that tenants and visitors will have regional, domestic, and international access at their fingertips.  CB Richard Ellis broker Paul Cohen along with Staubach broker Richard Schuchts represented American Financial Realty Trust in the sale.

Keystone has hired CB Richard Ellis for property leasing and will utilize Colliers Abood Wood-Fray for property management. Their plans are to reposition and multi-tenant the property through construction of a new facade with ribbon windows, modernizing the lobby, upgrading the AC systems, and renovating the common areas. The strategy also includes the demolition of a 6,200 SF daycare facility, which will increase the parking ratio to 5.5 per 1000 square feet.  This feature is not readily available in the marketplace and will allow a high-density user to occupy the building.

With a portfolio that includes properties in, Pennsylvania, New Jersey, and Chicago, Keystone Property Group acquires office, flex, and industrial buildings in prime locations that are functionally obsolete or lacking in investment capital, and reinvents them. The results are Class A, 21st-century buildings offering modern amenities, cutting-edge technology, and aesthetic appeal. This “vision for value,” translates into seeing opportunity in older, well-located office or industrial buildings and then utilizing the company’s capital and expertise to recreate those assets and realize their potential.  This acquisition of 5875 NW 163rd St. enhances Keystone’s Florida portfolio, which currently includes Pinebrook, a six building flex/office center in Largo, Florida, and Dadeland Office Center, a 244,225 sq ft asset in Kendall.

# # #

Keystone Property Group is a real estate investment and property development company with a unique ability to identify and capitalize on opportunity - the opportunity to create value through development, financing, leasing, property and asset management