KBS REIT III Acquires Two-Story Office Property

KBS Real Estate Investment Trust III (KBS REIT III) recently acquired a Class A office building in California for $33.8 million plus closing costs.

Located on West Oakes Boulevard, the Rocklin Corporate Center is composed of 220,020 feet over 13.9 acres of land. Built in 2007, the two-story building highlights a panoramic view of the Sierra Nevada Mountains and is conveniently situated near Highway 65, Interstate 80, and public transportation.

“We consider this to be one of the premier office properties in Rocklin, which adds another growing market to our existing portfolio,” said Brent Carroll, senior vice president, KBS Realty.

At the time of closing, the office property was 90 percent leased with a weighted average remaining lease term of 5.2 years.

“With only 10% vacancy, we hope to lease up this property quickly using a special suite strategy,” Carroll added.

Rocklin Corporate Center features floor to ceiling glass windows, 1000 parking spaces, flexible floor plans for single and multiple tenants, and energy efficient fixtures.

Awarded an Energy Star label for its sustainability efforts, the office building features low flow fixtures, a cool roof, low VOC paints, and recycled carpets and ceiling tiles.

KBS REIT III acquired Rocklin with offering proceeds, however, in a filing indicated that it may mortgage the property, if deemed necessary, in the future.