Keystone Property Trust Announces Acquisition in Miami
March 18 2004 - 5:01PM
PR Newswire (US)
Keystone Property Trust Announces Acquisition in Miami WEST
CONSHOHOCKEN, Pa., March 18 /PRNewswire-FirstCall/ -- Keystone
Property Trust today announced that it has acquired three
distribution centers consisting of 189,218 square feet in Miami,
FLfor approximately $12.5 million. The facilities were built in
1999 and are 100% leased to credit tenants including Tyco
International and Trane Corporation. The buildings are located
within one mile of Miami International Airport in the Airport West
submarket. These modern facilities are tilt-up concrete
construction with 24' clear ceiling heights and are representative
of the highest quality industrial product in this submarket.
Regarding the Company's acquisition, John B. Begier, Executive
VicePresident and Chief Investment Officer of Keystone Property
Trust, stated, "After entering Miami in November of 2003 with the
purchase of International Corporate Park, we are pleased to further
establish our presence in one of the most dynamic industrial
markets in the United States. Miami is a major distribution hub
driven by global trade with significant constraints to new supply."
Keystone Property Trust, with headquarters in West Conshohocken,
Pennsylvania, is a fully integrated real estate investment trust
with a current portfolio of 142 properties, including properties
under development, aggregating 33 million square feet in the
Eastern United States. For more information, contact Aleathia M.
Hoster at (212) 527-9900, send email to or visit the Company
website at http://www.keystoneproperty.com/. This press release may
contain statements which constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995, including statements regardingthe intent, belief or
current expectations of the Company, its trustees, or its officers
with respect to the future operating performance of the Company and
the result and the effect of legal proceedings. Investors are
cautioned that any such forward-looking statements are not
guarantees of future performance and involve risks and
uncertainties, and that actual results may differ materially from
those in the forward-looking statements as a result of various
factors. Important factors that could cause such differences are
described in the Company's periodic filings with the Securities and
Exchange Commission, including the Company's Form 10-K and
quarterly reports on Form 10-Q. DATASOURCE: Keystone Property Trust
CONTACT: Aleathia M. Hoster of Keystone Property Trust,
+1-212-527-9900; or Michael Beckerman, +1-908-781-6420, , for
Keystone Property Trust Web site: http://www.keystoneproperty.com/
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