Westpark Acquired by KBS for $128M

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.