KBS Real Estate Investment Trust III announced this week that it had acquired Town Center Office Park, a 522,043-square-foot, three-building office complex in the Plano submarket of Dallas. While full terms of the deal were not disclosed, Citybizlist Dallas reported in February that KBS was under contract to buy the property for $113 million, plus closing costs, from North Dallas Town Center LP and Tennyson Development LP. The CBRE Dallas Investment team led by Gary Carr represented the seller in this transaction. Bill Rogalla, KBS Central Region Senior Vice President and Director of Acquisitions and Dispositions, handled the transaction on behalf of KBS.
The three buildings at Town Center Office Park -- the six-story, 156,757-square-foot Town Center One, the eight-story, 209,179-square-foot Town Center Two and the six-story, 156,107-square-foot Town Center Three -- were completed in 2001, 2002 and 2006, respectively, and are 87.5% leased to 51 tenants. According to commercialrealestatedirect.com, JPMorgan acquired the complex's first two buildings in 2004 for more than $66 million in a venture with CarrAmerica Realty and developed the third building a year later.
"North Dallas and specifically the communities of Plano and Frisco have consistently ranked at or near the top in the national job and population growth rankings," said Rogalla. "Town Center Office Park is located within one of the most prominent master planned communities in the DFW region and KBS is pleased to be in a position to increase its presence within this submarket."
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