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On March 30th, Miami-based Limestone Asset Management sold a 19,845-square-foot Kentucky Fried Chicken (KFC) property for $5.5 million. The 2,193-square-foot building is located at 9690 S Dixie Hwy. in Pinecrest.
Limestone purchased the property eight years ago for $960,000. Joseph Sanz with Orion Real Estate Group represented the seller, Limestone KFC Miami, LLC. The buyer is Maestra Dadeland, LLC.
The sale price with a gain of $4.54 million reflects a 470 percent increase in property value. The buyer plans to transform the Pinecrest area and build a large mixed-use project on the site as well as multiple adjacent sites.
“This is a unique opportunity for us to sell this property for a price that likely won’t come around again for a long time.” said Ibrahim Al-Rashid, chairman of Limestone Asset Management. “It’s rare to have such a perfect match for both the seller and buyer. We are extremely pleased with this sale in today’s market.”
Limestone Asset Management is an affiliate of Orion Real Estate Group, its joint venture partner in the deal. Limestone Asset Management uses Orion Real Estate Group’s expertise to complete all of its North America-based transactions.
Limestone Asset Management was founded in 2010 and invests in and acquires real estate properties over all asset classes throughout North America. Orion Real Estate Group provides commercial real estate services to investment clients around the world.
For information visit https://orionmiami.com/ or call 305-278-8400 or 1-888-255-4502.
