The three-story, 50,000-sf building was purchased by CBRERT Coventry Ltd., an indirect subsidiary of CB Richard Ellis Realty Trust. Fully occupied by Capita Business Services Ltd. a business process outsourcing firm whose lease runs through 2017, the property sits on four acres inside ProLogis Park Coventry, a multi-tenanted complex located along the M6 Motorway.

"This is a perfect asset for the REIT and exemplifies our strategy of investing up to 30% of the REIT's assets in quality properties in strong markets outside the US," says trust CEO Jack Cuneo, in a statement announcing the closing. Despite the global flexibility created upon its formation in 2004, the trust is just now making its first foreign foray in buying 602 Central Blvd. The remaining properties are a mix of office and industrial buildings in major US markets, holdings totaling more than 612,000 sf.

In unveiling the UK conquest, trust officials did not say whether any other overseas deals are in the works, or what the likelihood is of CBRERT reaching the 30% global threshold. The investment vehicle is sponsored by CB Richard Ellis Investors LLC of Los Angeles and guided by CBRE Advisors LLC, an affiliate of CB Richard Ellis Investors.