PITTSTON, PA-KBS REIT II purchased four industrial assets, two of them here and one each in Pennsylvania towns of Hazleton and Jessup, for $90 million. The four buildings, all constructed by Mericle Commercial Real Estate Services, make up a total of 1.6 million square feet.
KBS REIT II is an arm of Newport Beach, CA-based KBS Companies, which has completed about $20 billion in transactions since 1992. The firm owns a variety of commercial real estate assets across the country.
The two assets here that the fund aquired are the 744,080-square-foot 325 CenterPoint Bvd., which counts Kimberly-Clark as its main tenant and the 144,000-square-foot 125 Capital Rd., which houses baker Entenmann's.
The asset in Hazleton, at 550 Oak Ridge Rd., totals 615,600 square feet and houses Amazon.com. In Jessup, it bought the 140,800-square-foot 14-46 Alberigi Drive. In that building is four seperate tenants.
Mericle is headed by Robert Mericle, who is going through a legal ordeal related to former Luzerne Country Judge Mark Ciavarella, who is accused of accpeting millions of dollars in kickbacks, including funds from Mericle. His firm operates about 12 million square feet of industrial properties.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
