KBS REIT III to Acquire $89.5 Million Office Building in Philly
KBS Real Estate Investment Trust III Inc., a publicly registered non-traded REIT based in Newport Beach, California, entered into a purchase agreement to acquire CrossPoint at Valley Forge in the Philadelphia suburb of Wayne, PA for approximately $89.5 million plus closing costs.
Constructed in 1974 and renovated in 2014, CrossPoint at Valley Forge is a 272,360-square-foot office property situated on approximately 25 acres of land. As of July 15th, the building was 95 percent leased to 11 tenants with a weighted-average remaining lease term of 8.7 years. The REIT intends to fund the acquisition with proceeds from a mortgage loan from an unaffiliated lender, which is currently under negotiation, as well as proceeds from this offering.
In other recent KBS REIT III news, as The DI Wire reported, the company recently acquired Promenade I & II at Éilan, two office buildings totaling 200,072 square feet in San Antonio.
KBS Capital Advisors is KBS REIT III’s external advisor and is an affiliate of KBS Realty Advisors, a private equity real estate company and registered investment advisor founded in 1992. Since its inception, KBS-affiliated companies have completed transactional activity in excess of $32 billion via 14 separate accounts, six commingled funds, five sovereign wealth funds and six non-traded REITs.