Keppel-KBS US REIT to buy second Florida property for $66.67m

It has a net lettable area of 230,371 sqft with a 98.1% committed occupancy rate.

Keppel-KBS US REIT announced it would acquire Maitland Promenade I which is an office property located in the Maitland submarket of Orlando, Florida for $66.67m (US$48.5m) from real estate investment firm The Realty Associates Fund X.

Maitland Promenade I will be Keppel-KBS US REIT’s second asset in Florida and is adjacent to Maitland Promenade II which the REIT also owns, the announcement revealed.

“The addition of Maitland Promenade I extends Keppel-KBS US REIT’s foothold in the strong Maitland office submarket, highly sought after by technology, finance and insurance comapnies for its excellent amenities and good infrastructure,” Keppel-KBS US REIT CEO and CIO David Snyder said.

The development has a net lettable area of 230,371 sqft with a committed occupancy rate of 98.1% as of October 2018, according to the firm. In addition, the property provides easy access to the Orlando International Airport, the Central Business District (CBD) and residential areas in the nearby Winter Park.

The addition of Maitland Promenade I which will be completed in January 2019 will strengthen the firm’s overall portfolio, bringing total assets under management to $1.44b (US$1.04b) from $1.14b (US$826m). 

Keppel-KBS US REIT is managed by Keppel-KBS US REIT Management which is jointly owned by Keppel Capital Holdings and KBS Pacific Advisors (KPA).