COOL SPRINGS, TN, May 02, 2012 (MARKETWIRE via COMTEX) –
KBS Real Estate Investment Trust III (KBS REIT III), a publicly
registered, non-traded real estate investment trust based in Newport
Beach, Calif., has purchased The McEwen Building, a
175,262-square-foot office building in Cool Springs, Franklin, Tenn.,
15 miles south of downtown Nashville. Amstar, headquartered in
Denver, was the seller. With the acquisition, KBS and affiliated
companies own 726,446 square feet of space in the greater Nashville
area.
The McEwen Building is a LEED-designed six-story office building with
ground floor retail located in the desirable office, retail and
residential submarket of Cool Springs in Williamson County, one of
the nation’s most affluent counties. The Building sits within the
93-acre mixed-use McEwen project that offers 370 existing apartments
and 45,000 square feet of retail space, including Whole Foods and
BrickTops. An additional 40,000 square feet of retail is expected to
open in the fall. Amstar was represented by Don Albright of Cushman
Wakefield/Cornerstone in Nashville, while KBS represented itself in
the transaction. The deal was KBS REIT III’s fourth acquisition.
“From an asset perspective, The McEwen Building ‘out-leased’ several
competitor buildings due to its quality, superior amenities and
proximity to Interstate 65,” said Stephen Evans, KBS Mid-Atlantic
Region senior vice president and director of acquisitions and
dispositions. “From a location perspective, the area has had positive
net absorption for the past 10 years, and office vacancy stands at
six percent and unemployment is low at seven percent. The building
and the market have all the characteristics we are seeking.”
Amstar, in partnership with Southern Land Company, developed the
property starting in 2008 on a 10.7-acre site at the intersection of
West McEwen Drive and Mallory Lane. Through an aggressive marketing
and leasing plan, Amstar and Southern Land Company stabilized the
property within two years of delivery. The property is currently
97-percent leased to credit tenants, including Renal Advantage, Mars
Petcare, Raymond James, Carlisle Companies, Inc. and Cisco Systems,
Inc.
“Amstar is excited to sell the property to such a capable buyer and
landlord as KBS,” remarked Amstar Senior Vice President Della Wegman.
“While we remain excited about the remaining opportunities at McEwen,
we are very pleased to welcome KBS as a neighbor.”
About KBS
KBS Capital Advisors is an affiliate of KBS Realty
Advisors, which is a private equity real estate company and
SEC-registered investment advisor founded by Peter Bren and Charles
Schreiber, Jr. Since 1992, KBS Realty Advisors and its affiliated
companies have completed transactional activity in excess of $22.2
billion via 14 separate accounts, six commingled funds, five
sovereign wealth funds and five non-traded REITs. For information,
visit
www.kbsrealty.com .
About Amstar
Amstar Advisers, LLC is a global investment manager
focused on creating value for its clients through the implementation
of sound real estate-related investment strategies. The firm is an
affiliate of, and is commonly managed by, Amstar Group, LLC, a real
estate investment manager with more than 25 years of experience in
acquisition, development, and capitalization of office, hotel,
multifamily, industrial, and retail properties within the major
markets of the United States and select markets in Europe and Latin
America.
Together, Amstar Advisers, LLC and Amstar Group, LLC, collectively
referred to as “Amstar,” have approximately $1.7 billion in assets
under management. Amstar Advisers, LLC is an SEC-registered
investment adviser with approximately $750 million in assets under
management. For more information on Amstar, go to
www.amstar.com or
contact Amstar Managing Director Rob Toomey at rob.toomey@amstar.com.
This release may contain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E
of the Securities Exchange Act of 1934, including discussions
regarding KBS REIT III’s use of proceeds and certain other factors
that may affect future earnings or financial results. Such statements
involve risks and uncertainties which could cause actual results to
vary materially from those expressed in or indicated by the
forward-looking statements. Factors that may cause actual results to
differ materially include changes in general economic conditions,
changes in real estate conditions, construction delays, changes in
interest rates, lease-up risks, lack of financing availability and
lack of capital proceeds.
Media Contact:
Cindy Tullues or Bob Ochsner
DGWB for KBS Realty Advisors
(714) 881-2310
ctullues@dgwb.com
bochsner@dgwb.com
SOURCE: KBS Real Estate Investment Trust III
mailto:ctullues@dgwb.com
mailto:bochsner@dgwb.com
Copyright 2012 Marketwire, Inc., All rights reserved.
Article source: http://www.marketwatch.com/story/kbs-reit-iii-expands-in-greater-nashville-tenn-2012-05-02
