KBS Strategic Opportunity REIT, a publicly registered non-traded real estate investment trust, purchased Crown Pointe in the Atlanta suburb of Dunwoody, Georgia for $83.4 million.
Crown Pointe is a Class A, two-building, 499,968-square-foot office property in Atlanta’s Central Perimeter submarket. The office towers are located at 1040 and 1050 Crown Pointe and are 10 and 17 stories, respectively. Onsite amenities at the property include a fitness center, business center, café, garage and surface parking, and a courtyard with gardens, granite waterfall features and seating areas.
KBS plans to make improvements to the property, including lobby and restroom renovations, enhancements to the fitness center, courtyard and common areas.
“We look forward to expanding KBS’ footprint in the Atlanta area with the acquisition of Crown Pointe,” said Jeff Rader, senior vice president at KBS and asset manager for the property. “Metro Atlanta’s thriving economy and job base, combined with its high quality and lower cost of living make it an ideal location to recruit top talent. The Central Perimeter submarket has been evolving into a bustling, 24/7 environment and is considered one of the Southeast’s largest employment centers. We believe tenants will enjoy working in this location.”
A diverse tenant roster currently leases space in the office towers, with companies in industries such as insurance, financial services, IT, law, engineering, healthcare, manufacturing and retail.
KBS Strategic Opportunity REIT went effective in November 2009 and closed its primary offering three years later after raising $561.7 million in investor equity. As of September 30, 2016, the company owned 11 office properties, one office campus consisting of nine office buildings and 18 acres of undeveloped land, one office portfolio consisting of four office buildings and 25 acres of undeveloped land, one office portfolio consisting of three office properties, one office/flex/industrial portfolio consisting of 21 buildings, one retail property, two apartment properties and two investments in undeveloped land encompassing an aggregate of 1,670 acres.