May 12 2016 | by DI Wire
KBS Strategic Opportunity REIT, a publicly registered non-traded real estate investment trust, purchased the Westpark Portfolio in Redmond, Washington for $128 million.
“The dynamic location of the Westpark Portfolio presents a compelling opportunity for KBS, and tenants will enjoy the live-work-play environment, mass-transit options and accessibility,” said Jeff Rader, senior vice president and asset manager at KBS. “Redmond is a thriving market catering to a young, well-educated workforce, and we are pleased to add this asset to the KBS Strategic Opportunity REIT portfolio.”
The Westpark Portfolio is a 21-building, 778,472-square-foot property encompassing three office and industrial parks. It is currently 82 percent leased, to a roster of tenants representing numerous industries including media, manufacturing, IT services, wholesale, software and engineering.