KBS has acquired Westpark, a 21-building warehouse and flex-office property in Redmond, about two miles north of Microsoft HQ, for $128M. Newport Beach, CA-based KBS is no stranger to the Seattle market, especially on the Eastside.
The company owns the Bellevue Technology Center, North Creek Parkway Center in Bothell, Ridgewood Corporate Square in Bellevue and the Central Building in Seattle.
The Eastside industrial market is particularly hot now: during Q1, more than 179k SF was absorbed there, the most of any submarket, reports the Puget Sound Business Journal. Calwest Industrial Properties, the seller, acquired the 41-acre property in 2005 for $111M. [PSBJ]
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