The property, which is currently vacant, used to serve as acheck cashing and training facility for Bank of America. KeystoneProperty Group senior vice president Matt Sigel tells GlobeSt.comthat the property was acquired because it is a well-located assetthat requires substantial capital investment. The seller wasAmerican Financial Realty Trust. "The seller acquired the propertyas part of a portfolio and didn't do much with it," he says.

|

Keystone has hired CB Richard Ellis to handle leasing andColliers Abood Wood-Fay for property management. The company plansto reposition the building for multi-tenant occupation byconstructing a new facade with ribbon windows and upgrades to thelobby, AC systems and common areas. Plans also call for demolishingan existing 6,200-sf day care center and increasing the parkingratio to 5.5 spaces per 1,000 sf. Sigel says Keystone plans tospend in excess of $10 million on improvements. Work will beginimmediately.

|

"Our strategy is to begin work before securing a tenant," hesays. "We find that leasing activity picks up when you can see thatwork in being done."

|

The property is located on 10.71 acres four miles west ofInterstate 95, just south of the border of Miami-Dade and Browardcounties. The location has immediate access to the PalmettoExpressway, Interstate 75 and the Florida Turnpike. It is alsoclose to the Opa Locka Airport, Miami International Airport and Ft.Lauderdale/Hollywood Airport and is close to amenities such asrestaurants, hotels and a golf course.

|

As GlobeSt.com reported earlier this month, Keystone is targetingFlorida for expansion. The company is turning its focus tovalue-add opportunities in Miami, Fort Lauderdale, West Palm Beach,Tampa, Orlando, and possibly Jacksonville. This is Keystone's thirdacquisition in Florida in recent months. The company has alsoacquired Pinebrook, a six-building flex/office center in Largo for$11.05 million and the 244,225-sf Dadeland Towers North propertyfor $41.15 million.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.