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(Photo courtesy of Limestone Asset Management)
Miami-based Limestone Asset Management on July 22 closed on two commercial properties in Miami-Dade County: LA Fitness at 10055 NW 41 St. in Doral for $13.603 million and Burger King at 28644 SW 137 Ave. in Homestead for $1.936 million.
The LA Fitness, built in 2001, is a 37,500-square-foot building situated on 2.3 acres. Built in 2008, the Burger King is a 3,005-square-foot building located on 0.7 acres.
Kevin Sanz, president of Orion Real Estate Group, led the buyer group. Alex Sharrin, senior managing director of JLL Capital Markets, represented the seller of the LA Fitness, Kireland 41st Street Doral LLC; and the seller of Burger King, Kireland 137th Avenue Miami LLC.
There was no financing for either transaction.
“We are pleased to continue expanding our assets in Miami-Dade County,” said Ibrahim Al-Rashid, chair of Limestone Asset Management. “LA Fitness and Burger King are strong tenants in some of the fastest-growing areas of the county.”
The LA Fitness is in a high-performing retail corridor. The Burger King is located on a high-traffic corner and is a top 74th percentile Burger King in the U.S.
Led by Al-Rashid, Limestone Asset Management invests in and acquires real estate properties over all asset classes throughout North America. In 2022, it expanded to add a residential development division.
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