The buyer was KBS REIT II, a publicly offered, non-traded trust, and the acquisition marks its first since the fund initiated its public offering earlier this year. The identity of the seller was not disclosed, and a spokesman for the buyer declined to comment. But the asset had been listed as part of the portfolio of the Parsippany, NJ-based SJP Properties, and is currently still posted on that company's website.
In the transaction, which closed this week, KBS REIT II was represented in-house. The seller was represented by brokers Joseph Garibaldi IV and Peter Nicoletti of the New Jersey office of Jones Lang LaSalle.
At the time of sale, the four-story, seven-year-old building was 96% leased to a trio of tenants. Primary occupant is Barnes & Noble College Bookstores Inc., which signed on for 74,000 sf in 2003 when the asset was owned by the Gale Co. That transaction marked the Barnes & Noble Inc. sister company's HQ relocation from New York City.
Also in the building is the law firm of Carroll McNulty & Kull, which took an additional 13,000 sf in April to boost its HQ space to a total of 38,000 sf. And the third tenant is Wells Fargo Bank, which occupies approximately 17,000 sf.
New owner KBS REIT II is managed by KBS Capital Markets Group, an affiliate of the Newport Beach, CA-based KBS Realty Advisors, a 16-year-old firm founded by Peter Bren and Chuck Schreiber. The acquisition of 120 Mountain View Blvd. also marks the third purchase by KBS-affiliated companies of New Jersey properties--the other two are 485 Route 1 South in Iselin, and 265 Davidson Ave. in the Somerset section of Franklin Twp.
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