Leases Bring New Activity to Miami Lakes Submarket
Miami, FL – August 24, 2011 – (RealEstateRama) — CBRE arranged two leases totaling more than 58,000 square feet at the newly renovated Miami Lakes Business Center located at 5875 NW 163rd Street in Miami. Building owner Keystone Property Group, based in Bala Cynwyd, Pennsylvania, invested more than $5 million in a complete renovation of the property that included new high impact windows, a back-up generator with the capacity to power the entire building for tenant operations, new chillers and other building systems as well as the exterior areas including the parking lot and landscaping.
Dade Medical College, a four-campus educational institution offering Associate of Science degrees in programs such as nursing, radiology, diagnostic cardiac sonography, medical billing and coding leased 39,971 square feet. This lease represents an expansion for the college. This site offered a geographic stronghold in Northern Dade and Southern Broward counties. The tenant was represented by Irving Diaz of Irving Diaz & Associates.
Advanced Data Processing leased 18,122 square feet and expects to relocate in first quarter 2012. ADP was represented by Steve Gaunt of CRESA Partners.
“These two leases are significant in the Miami Lakes submarket which has a 28 percent vacancy rate. The substantial investments that building owner Keystone Property Group has made have increased the value of this asset and its desirability as a business address,” said CBRE First Vice President Noël Steinfeld who represented Keystone Property Group in the transaction.
Built in 1983 and renovated in 2011, the 145,450 square foot two-story building is convenient to major transportation arteries of I-95, Florida Turnpike, I-75, is highly visible from the Palmetto Expressway, has efficient floor plates and a high parking ratio of 5/1,000 square feet.
Joining Steinfeld in representing the building owner was CBRE’s Chris Dekker.
About CB Richard Ellis
CB Richard Ellis Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2010 revenue). The Company has approximately 31,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CB Richard Ellis offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.
About Keystone Property Group
Keystone Property Group is a leading real estate developer and manager of office and industrial properties with assets located in Pennsylvania, New Jersey, Illinois and Florida. Keystone also sponsors and manages a series of opportunistic real estate investment funds. Keystone creates value for its investors through exceptional redevelopment, financing, leasing, property management and asset management. Keystone Property Group has been recognized by Inc. 500 magazine, the Entrepreneurs’ Forum and the Wharton Small Business Center, and several of its projects have earned “Best Real Estate Awards” from the Philadelphia Business Journal and BOMA (Chicago). Keystone Property Group is headquartered in Bala Cynwyd, Pa, with offices in Chicago, Ill., and Miami, Fla. For more information, please visit www.keystonepropertygroup.com
