KBS Real Estate Investment Trust III (KBS REIT III), a public, non-traded REIT that launched in 2011, recently announced its fourth quarter acquisition success. Currently, its portfolio consists of 20 properties worth $2.2 billion.
Q4 2014 marks the most active quarter for KBS REIT III in terms of acquisitions. The REIT acquired six properties in November and December from California to Virginia.
On the east coast, KBS REIT III acquired two Class A properties; Reston Square in Reston, VA and 3003 Washington Blvd, in Arlington, VA.
Just last month, the REIT agreed to acquire 101 South Hanley in St. Louis, a multi-tenant office property with 346,451 rentable square feet which sits on 1.8 acres of land.
In California, KBS REIT III purchased Ten Almaden in San Jose, Emeryville Towers in Emeryville, and Rocklin Corporate Center, in Sacramento.
“We are very pleased with our recent investments. The KBS acquisition team is acquiring top-performing properties for KBS REIT III in the most dynamic markets in the United States,” said Chuck Schreiber, CEO of KBS REIT III. “Very few real estate investors can purchase this volume of multi-tenant office property with all of its nuances and the complexities in underwriting in such short order.”