UNLOCK THE POWER OF THE VAULT

KBS REIT III Buys North Carolina Office Tower for $147 Million

January 21, 2016

Jan 21 2016 | Article by: The DI Wire

KBS Real Estate Investment Trust III Inc., a publicly registered non-traded REIT, purchased the Carillon office tower in uptown Charlotte, North Carolina from Hines for $147 million plus closing costs.

In 2007, Hines, on behalf of its U.S. Core Office Fund LP, purchased the property for $140 million.

The 24-story, 476,000-square-foot class A office tower is located at 227 West Trade Street on approximately 1.8 acres of land. Carillon was constructed in 1991 and is 92 percent leased to 46 tenants with a weighted-average remaining lease term of five years.

The REIT funded the purchase of Carillon with proceeds from a mortgage loan and proceeds from its now-terminated primary initial public offering.

Full Article Located Here

Go Back
Thomas E. Burns, III
July 29, 2015
February 22, 2016

I subscribe to Blue Vault to keep up with the sponsors and their wholesalers! The analysis keeps me up to date with the various portfolios and the way they are managed, including the differences between them.