PORTLAND, OR-KBS REIT of Newport Beach, CA has acquired the four-story, 180,772-sf ADP Plaza office project in Downtown Portland from Antares ADP Inc. of Laguna Hills, CA for $33.1 million in a deal that was brokered by Capacity Commercial. The two-building property is named for its anchor tenant, Automatic Data Processing.

The office project, which is situated at the intersection of SW First Avenue and SW Sheridan Street, includes a 117,614-sf parking garage and occupies a site of 2.2 acres. ADP Plaza is located in downtown Portland at the intersection of SW First Avenue and SW Sheridan Street.

Senior vice president Peter Mette of KBS Capital Advisors, which is the adviser for KBS REIT, says that the new owner bought the property for its “prime location in Downtown Portland, access to transportation and strong tenancy.” Automatic Data Processing occupies 115,180 sf of the project, which was built in 1981 and is 91.1% by ADP and the other tenant, Oregon Health and Science University. The university occupies 48,506 sf.

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