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MIAMI-Boston-based Cabot Investment Properties has sold the three-building, 244,176-sf Dadeland Towers North at 9300 S. Dadeland Blvd. The deal carried a $41.15-million price tag.

CB Richard Ellis Institutional Group vice chairman Christian Lee, CBRE/Melody South Florida office vice chairman Charles Foschini and CBRE/Melody South Florida office vice president Christopher Apone represented the seller. Bala Cynwyd, PA-based Keystone Property Group purchased the assets. KPG is a value-add investor in office, flex, and industrial buildings in prime locations.

Foshini explains that the buy was right up the purchaser’s strategic alley. “A new buyer with a new source of capital can rehab the property and drive rents higher,” he says.

The property is located just west of US 1 in Downtown Kendall/Dadeland, an area which is undergoing extensive growth and revitalization. “The Dadeland submarket is one of the strongest submarkets in Miami,” he says. “It truly is a live-work-play environment with access to public transportation and major highways.”

The building’s occupancy was in the mid- to upper 80s at the time of the sale. Major tenants include Burger King, Independent Purchasing Corp., City College and Quintairos, McCumber, Prieto & Wood PA, although Burger King is planning to vacate space. “That is space that can be re-rented at a higher rate,” he says.

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