The portfolio is currently 97% leased. The acquisition price was not disclosed. "The buildings are quality, infill buildings that serve small to mid-size tenants all located within close proximity to Interstate 95," KTR vice president PJ Charlton tells GlobeSt.com. "They were acquired at below replacement cost."
The properties were acquired from the locally based Leder Group. Charlton says KTR has retained the Leder Group to continue leasing and managing the properties. He adds that there are no immediate plans to make capital improvements to the properties.
With the acquisition, KTR's Florida portfolio is more than 2.5 million sf. "South Florida is a core market for KTR and we will continue to seek additional acquisition and development opportunities in the industrial arena," Charlton says.
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