The Real Deal Miami

Miami Lakes Business Center trades for $12M

Office building's tenants include Dade Medical College, Intermedix
June 03, 2014 12:45PM

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.

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