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KBS REIT Acquires Colorado Office Portfolio

CBRE Global Investors Sells 613,000-SF Portfolio for $86 Million
June 18, 2013
KBS Strategic Opportunity REIT, Inc. acquired the six-building Westmoor Center office portfolio at 10055-10385 Westmoor Dr. in the submarket of Westminster, CO, between Denver and Boulder. CBRE Global Investors sold the portfolio for $86 million, or about $140 per square foot.

The six office buildings total 612,890 square feet and were built between 1997 and 1999 and currently 81 percent leased to 22 tenants, including Ball Corp., Lender Processing Services and Datalogix.

The six buildings that were sold are part of the larger, 10-building business park called en West at Westmoor.

With this acquisition, the KBS Strategic Opportunity REIT and its affiliated companies now owns six office properties in the Denver market totaling more than 1.7 million rentable square feet, including Granite Tower in Denver; Peakview Tower in Centennial, CO; 210 University in Denver; Academy Point Atrium I in Colorado Springs, CO; and Crescent VIII in Greenwood Village, CO. KBS Strategic Opportunity REIT owns Academy Point Atrium I, but does not own any interest in the other additional properties.

Timothy Swan, Russell Ingrum, Geoff Baukol and Kevin Shannon with CBRE represented the seller. The buyer handled the sale in-house. Please see CoStar COMPS #2766002 for more information on this transaction.

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