May 12, 2016
KBS Real Estate Investment Trust Inc. continues to expand its footprint in the Seattle area, with the recent acquisition of Westpark Business Park in Redmond, WA. The Irvine, CA-based buyer paid Calwest Industrial Properties $128 million for the 21-building warehouse and flex-office property.
Calwest Industrial, a joint venture between Rreef (a division of Deutsche Asset & Wealth Management) and the California Public Employees Retirement System, acquired the 41-acre, 780,000-square-foot property at 154th Avenue N.E. in 2005 for $111 million.
In recent years, KBS acquired two downtown Bellevue office buildings for $186.4 million, and submitted plans to develop a 21-story apartment tower. Other Seattle-area assets in the KBS portfolio include Bellevue Technology Center, North Creek Parkway Center in Bothell, Ridgewood Corporate Square in Bellevue, and the Central Building in Seattle.