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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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Second Annual Blue Vault Broker Dealer Educational Summit 2016
Broker Dealer Educational Summit 2016
May 30, 2016

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