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.
The time (at Blue Vault's 2nd Annual Broker Dealer Educational Summit) proved extremely informative.