HOUSTON-KBS Capital Advisors has sold Parkview I and II to aprivate investor from New England after investing $1 million intoupgrading the 176,471-sf office portfolio. The buildings were fullyleased at sale time.

“They're not active buyers and they had a specific need with1031 exchange money,” says Marty Hogan, associate director inHouston for Holliday Fenoglio Fowler LP. Texas is a non-disclosurestate so he won't discuss the sale price of the 333 Cypress Runproperties, but local experts confirm that similar class Bbuildings are trading for $110 per sf to $120 per sf.

Hogan says the assets attracted 10 offers, with a partnershipfrom Greenwich, CT ending up with the deal because it offered ashort due diligence and certainty of close. “The buyers also had alarge amount of equity and the purchase wasn't contingent onfinancing.” Hogan tells GlobeSt.com. “Given the market at thistime, they weren't high-leveraged buyers looking to get 80% to 90%of the purchase price financed so that was appealing.”