KBS Real Estate Investment Trust, a publicly registered non-traded real estate investment trust, has sold the Plaza in Clayton, a 16-story office building in the St. Louis suburb of Clayton, Missouri. Franklin Partners LLC purchased the property for $85.5 million, according to a filing with the Securities and Exchange Commission.
Built in 2001, the Plaza in Clayton is located at 190 Carondelet Plaza on an approximate 2.31-acre parcel of land. KBS REIT originally purchased the 325,000-square-foot property in September 2006 for $93.3 million.
KBS REIT went effective in January 2006 and closed its offering in May 2008 after raising $1.7 billion in investor equity. In May 2016, the REIT announced its intention to market its assets for sale.