The Real Deal Miami

Doral office park transfers in a deed-in-lieu

January 13, 2011 12:42PM

An affiliate of KTR Capital Partners has taken control of Doral industrial park the Beacon in a deed-in-lieu of foreclosure. Faith Group, led by businessman Robert Faith, was the previous owner and was hit with a foreclosure lawsuit in February by the previous mortgage holder, Investors Warranty of America. KTR SF II later picked up the $25.9 million in debt and seized the 425,000-square-foot, three-building property Dec. 31. KTR now plans to upgrade the available office space there, said Ed Redlich of ComReal Miami, who represented KTR in the deal. [SFBJ]