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KBS REIT to Purchase $53.5M Flex Portfolio in Nashville

Six-Property Deal Totals 551,000 SF of Distribution/Flex Space
November 14, 2007
KBS REIT is planning to purchase a portfolio of six distribution and flex properties in Nashville for $53.5 million, or about $97 per square foot, according to a filing with the U.S. Securities and Exchange Commission (SEC).

The seller is FirstCal Industrial 2 Acquisition LLC, an affiliate of First Industrial RealtyTrust of Chicago. The portfolio totals 551,184 square feet and averages 97 percent leased, KBS said in the filing, with anchor tenants CVS Caremark and Mercantile Properties occupying a combined 39% of the leased space. Other tenants include Southwestern Telecom, GSA, Caterpillar, Quest Diagnostics and the Metropolitan Government of Nashville.

The properties include Royal Parkway Center I and II, Greenbriar Business Center, Cumberland Business Center, and Riverview Business Center I and II. KBS said it does not plan to significantly renovate any of the properties.

CB Richard Ellis handled the deal for First Industrial.

KBS REIT is one of two non-traded REITs launched by real estate investment advisor KBS Realty Advisors of Newport Beach, CA.

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