Keystone Property Group Announces Purchase Of Dadeland Towers North Property In Kendall Fl

Nov. 2, 2008 - PRLog -- Keystone Property Group is pleased to announce their acquisition of Dadeland Towers North, located at 9200-9350 S. Dadeland Boulevard.  The 244,225 sq ft asset, comprised of an eight-story tower (9200 Building), a seven-story tower (9300 Building) and a two-story building (9350) is the second office property acquired by Pennsylvania-based Keystone within the state of Florida. The purchase price for Dadeland Towers was $41,150,000.

The buildings, which sit on a 4.63-acre site, were built between 1970 and 1973 and are currently 70% occupied.  Keystone’s redevelopment plans for this underperforming Class B/C asset include: new main lobbies and corridors; replacing the storefront glass and curtain walls; replacing the roof, chillers and cooling towers; new elevator cabs; new restroom finishes; repaving the parking lot; and also exterior painting and landscape improvements.  

Keystone has renamed the property Dadeland Office Center, which is conveniently situated right off of the Palmetto Expressway, 8 miles southwest of downtown Miami and minutes away from affluent communities such as Pinecrest and Coral Gables. Additionally, it is situated walking distance from both the Dadeland Mall, one of the highest grossing malls in the country, and the Metrorail.  Colliers Aboud Wood Fay will be leasing and managing the project.

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 Dadeland Towers North enhances Keystone’s Florida portfolio, which currently includes Pinebrook, a six building flex/office center in Largo, Florida

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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