Keppel-KBS US Reit buys second Florida asset for US$48.5m

Singapore

KEPPEL-KBS US Reit's manager announced on Tuesday that it will be acquiring Maitland Promenade I, an office property located in the Maitland submarket of Orlando, Florida, for US$48.5 million from 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 currently owns. Maitland Promenade I has a net lettable area of 230,371 square feet, with a committed occupancy rate of 98.1 per cent as at Oct 25, 2018. The property has easy access to the Interstate 4 (I-4), providing short drive times to Orlando International Airport, the central business district and residential developments in nearby Winter Park.