The Real Deal Miami

CBRE arranges Miami Lakes leases

August 25, 2011 09:44AM

Two firms have signed for a total of 58,000 square feet at the
newly-renovated Miami Lakes Business Center. Owner Keystone Property
Group, which is based in Bala Cynwyd, Penn., has spent more than $5
million on renovations of the property. Dade Medical College, an
educational institution, signed for 39,791 square feet, and Advanced
Data Processing signed for 18,122 square feet. “These two leases are
significant in the Miami Lakes submarket which has a 28 percent vacancy
rate,” said Noel Steinfeld, who represented Keystone. “The substantial
investments that owner Keystone Property Group has made have increased
the value of this asset and its desirability as a business address.” The
property was built in 1983 and is located east of I-95. — Alexander Britell