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South Florida

Miami Lakes Business Center trades for $12M

Miami Lakes Business Center
Miami Lakes Business Center

The Miami Lakes Business Center changed hands for $12 million.

A company tied to Keystone Property Group sold the 146,000-square-foot office building at 5875 Northwest 163rd Street on Friday, according to Miami-Dade County records. The Bala Cynwyd, Pa.-based firm paid $11.4 million for the property in March 2008.

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Tenants at Miami Lakes Business Center include Dade Medical College and Intermedix.

Miami Lakes Center and Miami Lakes AM acquired the building from Keystone. Miami Lakes Center holds a 99 percent stake in the investment. The companies are managed by Faisal Ahmed.

Ally Bank gave the buying companies a $9.9 million loan for the purchase. The mortgage has a 3.84 percent interest rate and matures in June 2021. The companies can borrow up to $18 million over the life of the loan. — Eric Kalis

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