Although the deal closed late Thursday, Newport Beach, CA-based KBS disclosed to the Securities and Exchange Commission earlier this month in its first-quarter 10-Q filing that it entered into an agreement with an unnamed seller for the building, and would forfeit $750,000 of earnest money if the acquisition was not completed. The building, known as Suwanee Pointe 300, is fully occupied by the Firearms Training Services division of Meggitt Defense Systems. CB Richard Ellis represented the seller.

"Suwanee Pointe 300 has all the attributes we look for in an investment property: a fully upgraded condition, an unparalleled location in a growing submarket near a major interstate interchange, and a prominent long-term tenant," says Len Bravo, senior vice president of KBS' Atlanta office. He notes that this represents the REIT's tenth acquisition within Georgia, with all properties strategically located statewide.

Taylor & Mathis LLC announced last August that it signed a ten-year lease to develop the building for Meggitt at Suwanee Pointe, located in the Atlanta suburb of Suwanee in Gwinnett County. The Brogdon Road building, near Interstates 85 and 285, includes 81,175 sf of high-end office space.