A partnership that includes Chicago-based Vanderbilt Office Properties paid $40 million for a pair of Class A office buildings in West Palm Beach.
KBS Real Estate Investment Trust II sold Emerald View at Vista Center, a 139,471 square-foot property within the 500-acre Vista Center business park, according to a release. Vista Center is made up of primarily office, flex and industrial space with some retail space and a hotel. It’s next to the Emerald Dunes Golf Club.
CBRE’s Christian Lee, Jose Lobon, Kevin Probel, Kevin McCarthy and Tyler Ploshnick represented KBS in the deal.
Property records show an affiliate of Newport Beach, California-based KBS acquired the buildings in two deals totaling $36 million in 2010. The seller made upgrades and improvements to the property, including building move-in ready spec suites and renovating the common areas and lobby. The buildings also have full backup power for up to 25 days in case of an emergency, such as a hurricane.
Tenants include Regus, Human and Oasis Staffing.
Last year, Kayne Anderson Real Estate paid $6.2 million for a 20-acre development site within the same business park with plans to build a roughly 250-unit senior housing facility.
Father east in downtown West Palm Beach, PNC Bank recently sold the office building at 205 Datura Street for $14.2 million to Boca Raton-based Morning Calm Management.