Keystone Property Trust Announces 545,000 SF Acquisition in Miramar, FL

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 [phone], 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, [phone],

or Media:  Michael Beckerman, [phone], , for

Keystone Property Trust



Web site:  http://www.keystoneproperty.com/ 

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