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KBS REIT III Buys North Carolina Office Tower for $147 Million

January 21, 2016

Jan 21 2016 | Article by: The DI Wire

KBS Real Estate Investment Trust III Inc., a publicly registered non-traded REIT, purchased the Carillon office tower in uptown Charlotte, North Carolina from Hines for $147 million plus closing costs.

In 2007, Hines, on behalf of its U.S. Core Office Fund LP, purchased the property for $140 million.

The 24-story, 476,000-square-foot class A office tower is located at 227 West Trade Street on approximately 1.8 acres of land. Carillon was constructed in 1991 and is 92 percent leased to 46 tenants with a weighted-average remaining lease term of five years.

The REIT funded the purchase of Carillon with proceeds from a mortgage loan and proceeds from its now-terminated primary initial public offering.

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