KBS Buys $86M Denver Office Complex
- Jun 19, 2013
KBS Strategic Opportunity REIT has purchased the Westmoor Center office complex in the Westminster, Colo. submarket for $86 million.
Located at 10055-10385 Westmoor Dr., the six-building Class A Westmoor Center office portfolio totals 612,890 square feet and is situated between Denver and Boulder, close to the expanding city of Broomfield, with views of the Heritage Golf Course at Westmoor and the Rocky Mountains.
The area is the hub of hi-tech employment, which can be attributed in part to the University of Colorado’s Boulder campus, with thousands of graduates trained for hi-tech research, manufacturing and information technology services.
Constructed in 1998-99, Westmoor Center offers gazebos wired with Internet access for working outside, Broomfield park-n-ride is nearby and there is a free shuttle service to and from the FlatIron Crossing shopping mall.
The six buildings that encompass Westmoor Center are part of the larger, 10-builidng, Ten West at Westmoor Business Park.
At the time of the sale, the center was 81-percent occupied by such tenants as Ball Corporation, Lender Processing Services and Datalogix.
According to a company release, KBS Strategic Opportunity REIT plans to invest in and manage a diverse portfolio of real estate-related loans, opportunistic real estate, real estate-related debt securities and other real estate-related investments.
The public non-traded real estate investment trust based in Newport Beach, Calif., and its affiliated companies now owns six office properties in the area, totaling more than 1.7 million rentable square feet. This includes the 561,691-square-foot Granite Tower in Denver, the 264,194-square-foot Peakview Tower in Centennial, Colo., Denver’s 128,845-square-foot 210 University, the 92,099-square-foot Academy Point Atrium I in Colorado Springs, Colo., and the 82,320-square-foot Crescent VIII in Greenwood Village, Colo.
KBS Strategic Opportunity REIT was sponsored indirectly by Charles Schreiber, Jr., Peter Bren, Keith Hall and Peter McMillan III and is advised by KBS Capital Advisors L.L.C., an affiliated entity, which is indirectly owned and controlled by KBS Strategic Opportunity REIT’s sponsors, said or implied by such forward-looking statements.