CB Richard Ellis Institutional Group vice chairman ChristianLee, CBRE/Melody South Florida office vice chairman CharlesFoschini and CBRE/Melody South Florida office vice presidentChristopher Apone represented the seller. Bala Cynwyd, PA-basedKeystone Property Group purchased the assets. KPG is a value-addinvestor in office, flex, and industrial buildings in primelocations.
Foshini explains that the buy was right up the purchaser'sstrategic alley. "A new buyer with a new source of capital canrehab the property and drive rents higher," he says.
The property is located just west of US 1 in DowntownKendall/Dadeland, an area which is undergoing extensive growth andrevitalization. "The Dadeland submarket is one of the strongestsubmarkets in Miami," he says. "It truly is a live-work-playenvironment with access to public transportation and majorhighways."
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