KBS Sells 2M-SF Industrial Portfolio

NEWPORT BEACH, CA-Locally based KBS Capital Advisors has sold a seven-asset, 2.1-million-square-foot portfolio of industrial properties in five states to Plymouth Meeting, PA-based Exeter Property Group, according to CB Richard Ellis, which brokered the transaction on behalf of KBS. The portfolio includes 10 buildings throughout Georgia, Michigan, Minnesota, Ohio and Texas and was 78% leased at the time of sale.

The portfolio consists primarily of single-tenant, net-leased, bulk distribution buildings. The offering “provided investors the rare opportunity to purchase a critical mass of institutionally owned and maintained, highly functional industrial buildings in desirable, geographically diverse locations,” according to CBRE’s announcement regarding the sale.