Keystone Property Trust Announces 545,000 SF Acquisition in Miramar, FL
March 31 2004 - 7:01AM
PR Newswire (US)
Keystone Property Trust Announces 545,000 SF Acquisition in
Miramar, FL WEST CONSHOHOCKEN, Pa., March 31 /PRNewswire-FirstCall/
-- Keystone Property Trust today announced that it has acquired a
545,000 square foot distribution center at 3701 Flamingo Road in
Miramar, FL for approximately $26.0 million. The building is 67%
leased to two tenants under long-term leases. This high quality
modern facility was built in 2000 and is tilt-up concrete
construction with 30' clear ceiling height. The center fronts the
Florida Turnpike in Broward County and is within close proximity to
the Miami and the Fort Lauderdale airports. Broward County is a
rapidly growing business community that borders Miami-Dade County
to the north. Over the last decade, the County's diverse workforce
has grown by more than 20% and now incorporates world-class
companies in the logistics, distribution, telecommunications and
financial services industries, among others. The industrial market
is comprised of approximately 92 million square feet, over 75% of
which is warehouse/distribution space. Regarding the Company's
acquisition, John B. Begier, Executive Vice President and Chief
Investment Officer of Keystone Property Trust, stated, "This
transaction is our second acquisition in the Greater Miami region
since we entered the market five months ago with our acquisition of
International Corporate Park. With these two transactions, we have
increased our market penetration by approximately 35% and continue
to see additional investment opportunities in the region. This
acquisition required the renegotiation of the lease with the
existing tenant and identification and completion of a lease with a
new tenant during due diligence. The result of which is a deal with
a market return on cost from these two tenants alone and the
potential for significant upside from the lease-up of the balance
of the building." Keystone Property Trust, with headquarters in
West Conshohocken, Pennsylvania, is a fully integrated real estate
investment trust with a current portfolio of 142 properties,
including properties under development, over 33 million square feet
in Eastern United States. For more information, contact Aleathia M.
Hoster at (212) 527-9900, send email to or visit the Company
website at http://www.keystoneproperty.com/. This press release may
contain statements which constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995, including statements regarding the intent, belief or
current expectations of the Company, its trustees, or its officers
with respect to the future operating performance of the Company and
the result and the effect of legal proceedings. Investors are
cautioned that any such forward-looking statements are not
guarantees of future performance and involve risks and
uncertainties, and that actual results may differ materially from
those in the forward-looking statements as a result of various
factors. Important factors that could cause such differences are
described in the Company's periodic filings with the Securities and
Exchange Commission, including the Company's Form 10-K and
quarterly reports on Form 10-Q. DATASOURCE: Keystone Property Trust
CONTACT: Aleathia M. Hoster of Keystone Property Trust,
+1-212-527-9900, or Media: Michael Beckerman, +1-908-781-6420, ,
for Keystone Property Trust Web site:
http://www.keystoneproperty.com/
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