KBS Closes on Plano, TX Office Complex

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."

For more news and information visit Blumberg Capital Partners.

KBS Pays $54M for Carlson Center Tower

KBS Real Estate Investment Trust II has closed on the purchase of 601 Tower at Carlson Center, Minnetonka, Minnesota for $54.4 million plus closing costs according to a GlobeSt.com article. CB Richard Ellis represented the seller, New York-based TIAA-CREF; the transaction officially closed on February 3. According to Hennepin County property records the property's market value was $42 million in 2009.

"The 601 Tower at Carlson Center is widely recognized as one of the most prominent suburban trophy assets in the Minneapolis market … and expect its unique blend of quality, location, architectural significance and park-like amenities to result in strong long-term tenant retention," said KBS' Bill Rogalla.

The 15-story, 288,458 square foot property is part of a master-planned office park along Interstate 394. At the point of sale the building was reportedly 90% leased with major tenants including One Beacon Insurance, Conopco, Wachovia, RBC Capital Markets, Robert Baird, Pine River Capital and HQ Global Workplaces. Built in 1989, 601 Tower was the recipient of the 2009 BOMA International Building of the Year award.

For more news and information visit Blumberg Capital Partners.