WESTMINSTER, CO-KBS Strategic Opportunity REIT, a public non-traded real estate investment trust based in Newport Beach, CA, has purchased the Westmoor Center, a six-building class-A office complex totaling 612,890 square feet in the Denver submarket of Westminster, CO. KBS Strategic Opportunity REIT purchased the asset for $86 million.
The purchase boosts the presence of KBS Strategic Opportunity REIT and its affiliated companies in the Denver area, where it now owns six office properties totaling more than 1.7 million rentable square feet, including the 561,691-square-foot Granite Tower in Denver; the 264,194-square-foot Peakview Tower in Centennial, CO; Denver's 128,845-square-foot 210 University; the 92,099-square-foot Academy Point Atrium I in Colorado Springs, CO.; and the 82,320-square foot Crescent VIII in Greenwood Village, CO. KBS Strategic Opportunity REIT owns Academy Point Atrium I, but does not own any interest in any of these other additional properties.
Constructed in 1998-99, Westmoor Center is located halfway between Denver and Boulder, Colo. It was 81% occupied at the time of purchase by such tenants as Ball Corp., Lender Processing Services and Datalogix. An onsite dining and recreation center complements nearby walking and biking trails and the Heritage Golf Course at Westmoor, according to a prepared statement. The six buildings that encompass Westmoor Center are part of the larger, 10-building Ten West at Westmoor Business Park.
This particular submarket benefits from its technological concentration, strong workforce and proximity to Denver, according to a prepared release, which point out that Denver's office market has been a nationwide leader in terms of economic recovery and activity.
KBS Strategic Opportunity REIT was sponsored indirectly by Charles J. Schreiber, Jr., Peter Bren, Keith Hall and Peter McMillan III and is advised by KBS Capital Advisors LLC, an affiliated entity which is indirectly owned and controlled by KBS Strategic Opportunity REIT's sponsors.
As GlobeSt.com reported yesterday, KBS Real Estate Investment Trust III closed on its largest transaction to date, a $269-million purchase of three premier office properties in Dallas and Maryland. The National Office Portfolio transaction brings KBS REIT III's total acquisition volume to $717.9 million. Preston Commons and Sterling Plaza, a pair of premier office properties in Dallas, and One Washingtonian, an iconic building in the exclusive Washingtonian Center mixed-use project in Gaithersburg, MD, were purchased by KBS REIT III from affiliates of CBRE Global Investors.
Earlier this year, as GlobeSt.com reported, the REIT had its eyes on the retail market in the southwest. It purchased 1800 West Loop South, a 400,101-square-foot office property in the Galleria area. The company said in a statement that the 21-story office tower was 88% occupied at the time of closing.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
