Limestone Asset Management Sells KFC Property for $5.5 Million
The Miami-based real estate investment firm purchased the property in 2014 for $960,000
Limestone Asset Management sold a 19,845-square-foot Kentucky Fried Chicken (KFC) property at 9690 S Dixie Highway in Pinecrest for $5.5 million, a 470% property value increase.
Joseph Sanz with Orion Real Estate Group represented the seller, Limestone KFC Miami, LLC. The buyer is Maestra Dadeland, LLC., which plans to build a large mixed-use project on the site and 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,” Ibrahim Al-Rashid says (pictured), chairman of Limestone Asset Management, which invests in and acquires real estate properties throughout North America. “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 in Miami, 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.