KBS breaks into Miami market

KBS Realty Advisors purchased a 64,617-square-foot office/retail property in Miami's South Beach for $30 million.

The four-story building, located at 555 Washington Ave., features 43,886 square feet of office space, 20,478 square feet of retail space, and a 260-space parking garage.

At the time of purchase, the property was 79 percent leased. Warner Music occupied the top floor of the building, while the other floors were multitenanted. During 2007 a new Outback Steakhouse and FedEx/Kinkos will open to anchor the retail along with an existing Wachovia Bank.  more...

2.5 million square feet of industrial sold

Heritage Management Co. on Friday announced its acquisition of a 2.5 million-square-foot industrial portfolio spanning three states, which boosts its company holdings to more than 4 million square feet.

The off-market acquisition, which includes 13 warehouse/distribution buildings located in New York, Pennsylvania and Ohio, totaled $86 million.

At the time of purchase, the portfolio was 95 percent occupied by such tenants as Staples, Iron Mountain, Wegmans, Sumitomo and Owens Brockway.  more...

G REIT downsizes in Houston

G REIT Inc. on Friday announced the sale of a 161,000-square-foot Houston office plaza as part of its stockholder-approved liquidation plan.

The company sold Two Corporate Plaza to Metro Properties LLC for $18 million; the sale closed on Thursday.  more...