KBS Realty's Big Buy
Don't know what to get your wife for Christmas? How about an office tower? They seem to be all the rage these days. KBS Realty Advisors bought the 17-story 164k SF Class-A Highland Park Place from Heitman for $31M. The 84% occupied property joins KBS' spring acquisitions of the 428k SF Preston Commons and the 314k SF Sterling Plaza. CBRE's Gary Carr, John Alvarado, and Eric Mackey repped Heitman. Gary tells us the Uptown submarket address (4514 Cole Ave) provides KBS with a coveted location where there's a limited supply of Class-A office properties. The deal checked all the boxes for what investors want: a stable, in-place cash flow coupled with compelling upside potential. This brings KBS to 13 properties in DFW with more than 4.4M SF.