KBS REIT Buys Three Buildings Totaling 283,559 SF
- Mar 26, 2010
March 26, 2010
By Allison Landa, News Editor
KBS REIT II has added three Class A industrial/flex space buildings totaling 283,559 square feet to its portfolio. All three buildings are located at the Plano Business Park in Plano, Tex., 19 miles north of downtown Dallas.
The three buildings involved in the purchase were the 100,209 square foot Building E, the 100,000 square foot Building F, and the 83,350 square foot Building G. The complex is 94 percent leased to seven tenants including Plano Data, Value Added Communications, ASKO Appliances and Cates Control Solutions.
Developed by Industrial Developments International in 2001, the Plano Business Park occupies a nearly 20-acre site two miles north of the George Bush Turnpike. It has front parking, rear loading, 24-ceiling clearance and early suppression fast response sprinkler systems, which are located in ceiling structures and designed to start spraying the minute they sense a fire.
Jack Fraker and Josh McArtor of the Dallas office of CBRE represented the seller in the transaction, while KBS Capital Advisors negotiated the deal for KBS REIT II. KBS-affiliated companies currently own 39 commercial and office properties in Texas totaling more than 9.5 million square feet.
KBS REIT II is an affiliate of KBS Realty Advisors, a private equity real estate company founded in 1992 by Peter Bren and Chuck Schreiber. Since its inception, KBS investment advisors have completed more than $16.5 billion in transactions. The company has offices in Newport Beach, San Francisco, Chicago, Boston, Dallas, New York, Washington, D.C., Atlanta, and Los Angeles.