GAITHERSBURG, MD-KBS Real Estate Investment Trust III is acquiring three office buildings from CBRE Global Investors for a total of $268.8 million. Two of the properties are in Dallas, Texas.
The local property is One Washingtonian Center, a 321,000-square foot office. The portfolio is 86% occupied with an aggregate annual base rent of $23.5 million.
This purchase follows an acquisition an affiliate of the REIT made in Frederick, MD, in May. when KBS Legacy Partners Apartment REIT acquired a garden-style apartment community for $44.9 million. The complex, Crystal Park at Waterford, consists of 12 buildings and totals 288,954 rentable square feet. KBS Legacy Partners Apartment REIT also owns the 255-unit Residence @ Waterstone in Pikesville, MD.
One Washingtonian Center, located at 9801 Washingtonian Blvd., is a top-notch asset in the Gaithersburg submarket. It has LEED-EB Platinum certification, one of 40 office buildings in the US and one of only four in the DC area with this distinction. It has undergone $3.7 million in capital project upgrades over the past five years. The building traded in 2011 for $90 million.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
