KBS REIT III Acquires Promenade I & II at Éilan in San Antonio

KBS Real Estate Investment Trust III, a non-traded real estate investment trust based in Newport Beach, California, acquired two multi-tenant office buildings totaling 200,072 square feet in San Antonio.

Located at 17806 & 17802 IH-10, Promenade I & II at Éilan were built in 2011 and feature several amenities in the surrounding area, including resort-style workout facilities, a spa, convenience stores, tennis courts, parks and gardens. Additionally, San Antonio’s two largest shopping centers, The Rim and The Shops at La Cantera surround the property. 

Additional amenities near the project include a 19-screen luxury cinema with theater dining, the Six Flags Fiesta Texas amusement park, and the nation’s newest Top Golf entertainment venue.  “The properties have an elite roster of tenants, including KPMG, Apache Corporation, Merrill Lynch, and Northwestern Mutual, among others,” said KBS regional president, Ken Robertson. “We believe this property is in the most desirable location in an area, combining an amenity-rich environment within the primary path of growth.  It’s a very attractive combination for our tenants and very hard to beat.”

Todd Mills of CBRE represented the seller in the transaction.

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.

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