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KBS Sells 176,471-SF Duo to 1031 Exchange Buyer

HOUSTON-A private investor from Greenwich, CT takes the fully leased Parkview I and II from KBS Capital Advisors, which is pruning class B office space locally.

By Amy Wolff Sorter | Updated on September 24, 2007

HOUSTON-KBS Capital Advisors has sold Parkview I and II to a private investor from New England after investing $1 million into upgrading the 176,471-sf office portfolio. The buildings were fully leased at sale time.

“They’re not active buyers and they had a specific need with 1031 exchange money,” says Marty Hogan, associate director in Houston for Holliday Fenoglio Fowler LP. Texas is a non-disclosure state so he won’t discuss the sale price of the 333 Cypress Run properties, but local experts confirm that similar class B buildings are trading for $110 per sf to $120 per sf.

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