KBS to Sell 601 Tower for $75M

MINNEAPOLIS—KBS REIT II, Inc. recently agreed to sell 601 Tower at Carlson Center in suburban Minnetonka to Artis REIT for $75 million, according to a document filed yesterday with the US Securities and Exchange Commission. KBS originally purchased the 288,458-square-foot property in 2011 for $54 million. Many significant office properties in the Twin Cities have changed hands in the past year, and this latest profitable sale underlines again how attractive investors now find the metro area’s office market.

According to the 8-K form it filed with the SEC, the Newport Beach, CA-based KBS entered into a purchase and sale agreement on April 28 with Artis US Holdings II LP, the wholly-owned subsidiary of the Canada-based Artis. The 15-story tower sits on about 2.3 acres of land and forms one-half of the two-tower Carlson Center. The other tower is not part of the sale.