The 120,500-sf building was purchased from Orlando-based Capital Partners. Built in 1988, the building is currently 100% leased to Ford Motor Credit Co. It is located in Sabal Park, a mixed-use business park. "Sabal Pavilion's single or multi-use tenant design, amenities and location will make it an attractive property for many years to come," says KBS REIT chairman and CEO Charles Schreiber in a prepared statement. "This asset meets the strict criteria for core assets within KBS REIT."

The sellers were represented by senior associate Ginger Gelsheimer and first vice president Mark Shellabarger, of CB Richard Ellis' Tampa private client group and Jack Hoskins, vice president of corporate services group, Tampa. The buyer was self-represented.

KBS Realty Advisors senior vice president Peter Doherty, who is based in Washington, DC, tells GlobeSt.com that the company decided to enter the Tampa market because of "the low unemployment rate and strong population growth the area has experienced and will continue to experience."

Doherty adds that the company decided to acquire this building because of "the quality and efficiency of the office and Ford's tenancy." The company is hoping to make additional acquisitions in Tampa, he notes.