KBS, one of the largest owners of commercial real estate and an SEC-registered investment adviser, has sold Emerald View at Vista Center, a two-building Class A office property in West Palm Beach, Florida for $40 million.
Emerald View at Vista Center was purchased by a partnership including Vanderbilt Office Properties, a Chicagobased commercial real estate investment firm.
Emerald View at Vista Center had been part of the KBS Real Estate Investment Trust II Portfolio. This 139,471 square-foot property is located at the northwest quadrant of the Florida Turnpike and Okeechobee Boulevard. It is within a 500-acre master-planned business park known as Vista Center which is adjacent to Emerald Dunes Golf Club. Vista Center is a mixed-use development of mostly office, flex and industrial buildings, and also includes retail space and a hotel.
“We’re pleased with the successful execution of our original investment plan culminating with the sale of this quality asset,” said Allen Aldridge, senior vice president for KBS and asset manager of the property. “West Palm Beach has proven to be a growing market with positive real estate dynamics.”
The property is one of a few buildings in-market that were developed to exceed hurricane requirements and provide 100 percent backup power for 25 days of “business as usual” continuous operations, making it a highly differentiated asset.
“This is a unique property that is particularly well-situated in West Palm Beach,” added Marc Deluca, regional president, Eastern United States for KBS. “We’re pleased to announce this sale and hope the new owners continue to enjoy the strength within the market that we have experienced.”
The CBRE team representing KBS in the sale included: Christian Lee, Jose Lobon, Kevin Probel, Kevin McCarthy and Tyler Ploshnick.