WAYNE, PA—KBS Real Estate Investment Trust III, a Newport Beach, California-based non-traded real estate investment trust has acquired CrossPoint at Valley Forge, a class A office building in Wayne, PA, for $89.5 million.
“We believe that the property's central location near a growing amenity base will have a positive impact on the tenants of CrossPoint at Valley Forge,” says KBS regional president Marc DeLuca. “We also believe that this node on the Wayne/King of Prussia border is becoming an incredibly attractive live, work, and play community that will contribute to the path of growth for the property.”
Built in 1974 and gut-renovated in 2014, CrossPoint at Valley Forge is a 272,360-square-foot, LEED Gold-certified and Energy Star-rated building. The property includes amenities such as a fitness facility and a café with indoor and outdoor seating, Wi-Fi and television monitors. The surrounding neighborhood includes amenities such as the King of Prussia Mall, the second largest mall in the United States, a Wegman's and a Walmart Supercenter. The neighborhood will soon be improved with a lifestyle center that will include LA Fitness, Nordstrom Rack, Del Frisco's and Starbucks, among others.
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