KBS Realty Advisors confirmed this week that it is purchasing two choice North Dallas office projects containing more than 700,000 square feet of office space. According to a Dallas Business Journal article, KBS Real Estate Investment Trust III Inc. plans to buy the portfolio for about $268.8 million, including two Preston Center office properties in Dallas. Through wholly-owned subsidiaries, KBS plans to purchase Preston Commons, a three-building office property from 8111-8117 Preston Road, totaling 427,799 square feet of office space on about 6.3 acres of land in Preston Center. KBS also plans to buy Sterling Plaza, a 313,609-square-foot office property at 5949 Sherry Lane in Preston Center.
A KBS representative told The Dallas Morning News that it will purchase the buildings “with proceeds from a mortgage loan from an unaffiliated lender and proceeds from its ongoing initial public offering. The company is currently negotiating the terms of the mortgage loan.” The buildings are part of a big nationwide property package that was recently put up for sale by CBRE Global Investors.
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