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KBS Pays $17.8M for Suburban Industrial

SUWANEE, GA-The 205,645-sf building is the California REIT's tenth purchase in Georgia.

By Carl Cronan | Updated on May 22, 2008

SUWANEE, GA-KBS Real Estate Investment Trust Inc. has acquired a newly constructed 205,645-sf industrial building on 16 acres at Suwanee Point Business Park, near Atlanta. The purchase price was $17.8 million, or $87 per sf, plus closing costs.

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.

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