KBS breaks into Miami market

Buys Art Deco-style office, retail space

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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. The purchase boosts KBS Realty Advisors' Florida portfolio to 407,605 square feet, spread across four properties. ...