HOUSTON-Less than four months after coming to market, the400,000-square-foot 1800 West Loop South has been snapped up byKBS Strategic REIT Inc. The Newport Beach, CAinvestor acquired the 88%-leased building from EastonGroup, Chuck Cobb, Jorge Perez and Pearlmark RealEstate Partners LLC.

Though the sales price was undisclosed, sources report KBSpaying $68.5 million, plus closing costs, for the asset.

The 21-story office building is located in the Galleriasubmarket just off Interstate 610. According to KBS, the REIT'splans are to improve and modernize the building, which will includean upgrade of the lobby and elevators. “We are pleased to acquireanother quality Houston asset,” noted Jeff Rader,vice president of KBS Capital Advisors in a press release. “Houstonis among the best performing markets in the country and we believethat strong oil prices, an increasingly diversified local economy,and the lack of new office development will contribute tosignificant demand over the long haul.”