KBS Real Estate Investment Trust II closes two sales
In separate deals, KBS has closed on the sale of two office buildings which were part of the KBS Real Estate Investment Trust II portfolio.
KBS has sold Emerald View at Vista Center, a two-building class A office property in West Palm Beach, Fla. Emerald View at Vista Center was purchased for $40 million by a partnership including Vanderbilt Office Properties, a Chicago-based commercial real estate investment firm.
The 139,471-square-foot property is located at the northwest quadrant of the Florida Turnpike and Okeechobee Boulevard. It is within a 500-acre master-planned business park known as Vista Center, which is adjacent to Emerald Dunes Golf Club. Vista Center is a mixed-use development of mostly office, flex and industrial buildings, and also includes retail space and a hotel.
“We’re pleased with the successful execution of our original investment plan culminating with the sale of this quality asset,” said Allen Aldridge, senior vice president for KB