To read this full article you need to be subscribed to Newsline.
Sign in Sign up for a FREE subscriptionJapanese investor sells Charlotte office for $147m
KBS REIT III, a nontraded REIT sponsored by KBS Capital Advisors, has paid $147 million for the Carillion Building in Charlotte from joint venture partners Hines U.S. Core Office Fund and Japan-based Sumitomo Life.
The sellers acquired the 476,308-square-foot office in 2007 for $140 million. Hines hired Eastdil Secured to market the Carillon building in September 2015.
The 25-story office is 92 percent occupied. Major tenants include Deloitte and Cadwalader, Wickersham & Taft. It received Gold certification under the U.S. Green Building Council’s LEED for Existing Buildings Rating System in 2012.
The transaction follows the sellers’ recent dispositions of 333 W. Wacker in Chicago for $310 million to PNC Realty Investors and the Charlotte Plaza for $160 million to David Werner Real Estate, JFR Global Inc., and Rabina Properties.
