WEST PALM BEACH, Fla.--(BUSINESS WIRE)--KBS Real Estate Investment Trust II (“KBS REIT II”), a public non-traded real estate investment trust based in Newport Beach, Calif., has sold City Place Tower, a 295,933-square-foot office building in West Palm Beach, Fla., for $150 million. KBS REIT II acquired the asset for $126.5 million in April 2011.
City Place Tower is a Class-A tower located in the West Palm Beach CBD. It is part of the City Place mixed-use project that combines 474,000 square-feet of lifestyle amenities with 149,000 square-feet of restaurants. The 18-story building also is built to hurricane code standards and is located approximately 2.5 miles from the Palm Beach Airport.
“City Place Tower is a recently developed asset that benefits from its high-quality construction and its location in an established mixed-use project in West Palm Beach,” said KBS Senior VP/Market Leader Allen Aldridge. “This was a solid asset in KBS REIT II’s portfolio and we believe it made for an attractive investment to numerous buyers throughout this process.”
KBS Capital Advisors is KBS REIT II’s external advisor and is an affiliate of KBS Realty Advisors, a private equity real estate company and SEC-registered investment adviser founded by Peter Bren and Charles J. Schreiber in 1992. Since its inception, KBS and its affiliated companies have completed transactional activity of more than $30 billion via 14 separate accounts, six commingled funds, five sovereign wealth funds and five non-traded REITs. For information, visit www.kbscapital.com.
This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended, including KBS REIT II’s ability to invest in and manage a diverse portfolio, the performance of the City Place Tower office property and the performance of the West Palm Beach, Fla., real estate market. These statements are subject to known and unknown risks, uncertainties and other factors which may cause KBS REIT II’s or City Place Tower’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.