WEST PALM BEACH, FL—In three years, KBS Real Estate Investment Trust II made $23.5 million on the City Place Tower office building here.
The Newport Beach, CA-based firm reports that it has sold the 295,933-square-foot office building to an undisclosed buyer for $150 million. In April 2011, KBS acquired the 18-story property for $126.5 million.
City Place Tower is part of the City Place mixed-use project that features 474,000 square feet of lifestyle amenities with 149,000 square-feet of restaurants. The tower was built to hurricane code standards and is located approximately 2.5 miles from the Palm Beach Airport.
“City Place Tower is a recently developed asset that benefits from its high-quality construction and its location in an established mixed-use project in West Palm Beach,” says KBS Senior VP/Market Leader Allen Aldridge. “This was a solid asset in KBS REIT II's portfolio and we believe it made for an attractive investment to numerous buyers throughout this process.”
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