Limestone Asset Management Closes On LA Fitness, Burger King In Miami-Dade County

On July 22, Miami-based Limestone Asset Management closed on two commercial properties in Miami-Dade County: LA Fitness at 10055 NW 41st in Doral for $13.603 million and Burger King at 28644 SW 137th Avenue in Homestead for $1.936 million.

The LA Fitness, built in 2001, is a 37,500-square-foot building situated on 2.3 acres of land. Built in 2008, the Burger King is a 3,005-square-foot building located on 0.7 acres of land.

Kevin Sanz, president of Orion Real Estate Group, led the buyer group. Alex Sharrin, senior managing director of JLL Capital Markets, represented the seller of the LA Fitness, Kireland 41st Street Doral, LLC; and the seller of Burger King, Kireland 137th Avenue Miami, LLC. There was no financing for either transaction.

“We are pleased to continue expanding our assets in Miami-Dade County,” said Ibrahim Al-Rashid, chairman of Limestone Asset Management. “LA Fitness and Burger King are strong tenants in some of the fastest-growing areas of the county.”

The LA Fitness is in a high-performing retail corridor. The Burger King is located on a high-traffic corner and is a top 74th percentile Burger King in the U.S.

Led by Al-Rashid, Limestone Asset Management invests in and acquires real estate properties over all asset classes throughout North America. In 2022, it expanded to add a residential development division.