Daily market intelligence on mortgages, equity raising, investment sales, and CMBS.

Friday, 06 October 2017

KBS REIT Sells Suburban St. Louis Office Building for $85.5Mln

Written by 
Rate this item
(0 votes)

KBS REIT Inc. has sold a 325,172-square-foot office building in suburban St. Louis for $85.5 million, or about $262.94/sf.

Franklin Partners bought the building at 190 Carondelet Plaza in Clayton, Mo.

KBS REIT had acquired the 16-story building, known as the Plaza at Clayton, in 2006 for $93 million. THF Realty Inc. was the seller. Plaza at Clayton is part of a mixed-use complex that includes retail space, as well as a 30-story apartment building with 82 units.

Earlier this year, KBS REIT announced plans to liquidate its portfolio and distribute the net proceeds to its shareholders by early 2019. The company was launched in 2005 and raised just less than $2 billion. It was the first non-traded REIT sponsored by KBS Realty Advisors, a Newport Beach, Calif., investment manager.

KBS REIT has dwindled its portfolio down to two properties, one of which is under contract. It expects to sell both of them by the end of the year. The identity of the properties could not be learned.

Comments? E-mail Tim Casey or call him at (267) 247-0112, Ext. 213.



weekly-call-to-action

“The Weekly”

“The Weekly” is Commercial Real Estate Direct’s PDF newsletter, sent to subscribers every Friday morning. With over 100 news stories published on Commercial Real Estate Direct each week, “The Weekly” features the top stories in commercial real estate that industry participants need to know first. “The Weekly” also contains:

  • Breaking mortgage, CMBS, and REIT news

  • Quarterly league tables with rankings of B-piece buyers, book runners, and lenders

  • Industry moves and changes in “The Insider“

Additional Info

  • Syndicate to Realpoint: No
  • Cities: St. Louis
  • States: Missouri
  • Sector: Office
  • Subject: Property Acquisitions (ACQ)
  • Valuation: Between $50 million and $100 million
  • Private: No
Read 1324 times

Data Digest

 

CMBS DELINQUENCY VOLUME

dqdataFP1

 

CMBS SPECIAL SERVICING VOLUME

sschartfp

Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

cppichart FP

 

 

CMBS 2.0 Spreads

AAAspreads

Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

REITCafe

  • Challenging Retail Environment Weights on REITs
    Mixed economic news is weighing on retail markets, pushing REIT performance down in 2015. This week, the National Retail Federation announced that back-to-school spending is expected to be down 9.3% in 2015. This news came on the heels of a report from the Commerce Department stating that retail sales declined 0.3%...
     
  • US REITs Feeling Effects from Turmoil in Greece and China
    International economic forces have taken center stage this week, affecting both US stock markets and REITs. The crash in the Chinese stock market and ongoing concerns about the future of Greece in the eurozone drove markets down during the first half of the week. REITs fared better than the overall market...

  • What Does Increased Construction Mean for Apartment REITs?
    REITs so far this year have raised $17.1 billion of capital through the sale of unsecured notes, bringing the total raised over the past two and a half years to just more than $75 billion. That’s more than they raised during the previous five years. The massive volume shouldn’t be a surprise as it comes while the yield from 10-year Treasury bonds, the benchmark...
shouldn’t be a surprise as it comes while the yield from 10-year Treasury bonds, the benchmark against which most REIT’s price their bonds
warehouse-backstage