KBS Strategic Opportunity REIT, a publicly registered non-traded real estate investment trust, purchased the Westpark Portfolio in Redmond, Washington for $128 million.
“The dynamic location of the Westpark Portfolio presents a compelling opportunity for KBS, and tenants will enjoy the live-work-play environment, mass-transit options and accessibility,” said Jeff Rader, senior vice president and asset manager at KBS. “Redmond is a thriving market catering to a young, well-educated workforce, and we are pleased to add this asset to the KBS Strategic Opportunity REIT portfolio.”
The Westpark Portfolio is a 21-building, 778,472-square-foot property encompassing three office and industrial parks. It is currently 82 percent leased, to a roster of tenants representing numerous industries including media, manufacturing, IT services, wholesale, software and engineering.
The three properties in the Westpark Portfolio include the following:
• Westpark Business Center: 14 two-story office buildings, totaling 580,104 square feet on 28.73 acres
• Redmond Center Court: Two single-story industrial buildings totaling 77,492 square feet on 4.99 acres
• Pacific Business and Technology Center: Five flex buildings, totaling 120,876 square feet on 7.70 acres.
KBS Strategic Opportunity REIT, which went effective in November 2009 and closed in November 2012, raised $561.7 million in its primary offering and has sold $56 million in DRIP shares.
KBS Capital Advisors is the external advisor to KBS real estate investment trusts, and is an affiliate of KBS Realty Advisors, a private equity real estate company and SEC-registered investment adviser founded in 1992. Since its inception, KBS-affiliated companies have completed transactional activity in excess of $31.5 billion via 14 separate accounts, six commingled funds, five sovereign wealth funds and six non-traded REITs.