KBS Real Estate Investment Trust Inc., a publicly registered non-traded real estate investment trust, has sold the last real estate asset in its portfolio, North Creek Parkway Center in Bothell, Washington, for $36.5 million.
North Creek Parkway Center is a six-building suburban office and laboratory campus located within the 52-acre North Creek master-planned business park. The six buildings were built in two phases in 1986 and 1987 on nearly 14 acres of land.
KBS REIT originally purchased the property in August 2008 for approximately $41.1 million. The net cash to the REIT from the disposition was approximately $34.8 million, net of closing credits, closing costs and disposition fees.
KBS Real Estate Investment Trust, which launched its initial public offering in January 2006, stopped selling common shares in May 2008 and closed its dividend reinvestment plan in April 2012. The company raised $1.7 billion in the primary offering and $233.7 million under the dividend reinvestment plan.