KTR Keystone Prop Tr

Keystone Property Trust Announces 545,000 SF Acquisition in Miramar, FL WEST CONSHOHOCKEN, Pa., March 31 /PRNewswire-FirstCall/ -- Keystone Property Trust today announced that it has acquired a 545,000 square foot distribution center at 3701 Flamingo Road in Miramar, FL for approximately $26.0 million. The building is 67% leased to two tenants under long-term leases. This high quality modern facility was built in 2000 and is tilt-up concrete construction with 30' clear ceiling height. The center fronts the Florida Turnpike in Broward County and is within close proximity to the Miami and the Fort Lauderdale airports. Broward County is a rapidly growing business community that borders Miami-Dade County to the north. Over the last decade, the County's diverse workforce has grown by more than 20% and now incorporates world-class companies in the logistics, distribution, telecommunications and financial services industries, among others. The industrial market is comprised of approximately 92 million square feet, over 75% of which is warehouse/distribution space. Regarding the Company's acquisition, John B. Begier, Executive Vice President and Chief Investment Officer of Keystone Property Trust, stated, "This transaction is our second acquisition in the Greater Miami region since we entered the market five months ago with our acquisition of International Corporate Park. With these two transactions, we have increased our market penetration by approximately 35% and continue to see additional investment opportunities in the region. This acquisition required the renegotiation of the lease with the existing tenant and identification and completion of a lease with a new tenant during due diligence. The result of which is a deal with a market return on cost from these two tenants alone and the potential for significant upside from the lease-up of the balance of the building." 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, over 33 million square feet in 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 regarding the 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 Media: Michael Beckerman, +1-908-781-6420, , for Keystone Property Trust Web site: http://www.keystoneproperty.com/

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