Miami Based Limestone Asset Management Closes a KFC Property in Pinecrest for $5.5 Million
Miami-based Limestone Asset Management sold/closed on a 19,845-square-foot Kentucky Fried Chicken (KFC) property in Pinecrest, Florida for $5.5 million on March 30, 2022. The 2,193-square-foot building is located at 9690 S Dixie Highway, Miami, FL, 33156. Limestone Asset Management invests in and acquires real estate properties over all asset classes throughout North America.
Joseph Sanz with Orion Real Estate Group represented the seller, Limestone KFC Miami, LLC. The buyer is Maestra Dadeland, LLC.
Limestone Asset Management purchased the property eight years ago for $960,000. The sale price with a gain of $4.54 million reflects a 470% 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.
About Limestone Asset Management: Miami-based Limestone Asset Management was founded in 2010 and invests in and acquires real estate properties over all asset classes throughout North America. For more information, visit https://orionmiami.com/our-affiliates/.
About Orion Real Estate Group: Orion Real Estate Group provides commercial real estate services to investment clients around the world. Since its founding in 1978, the firm has been involved in more than $4 billion in transactions and holds a portfolio exceeding $800 million. Its headquarters are located at 200 S. Biscayne Blvd, 7th floor, Miami, FL 33131. For more information, visit https://orionmiami.com/ or call (305) 278-8400 or 1-888-255-4502.