$30m buy marks REIT's first asset.KBS (KiloBits per Second) Could also be KBs for kilobytes. See Kbps and kilo. KBS - Knowledge-Based System REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). II, a publicly offered, non-traded real estate investment trust, announced today the purchase of its first asset since it initiated its public offering on April 22, 2008:120 Mountain View Corporate Center, a 134,980 s/f Class--A office complex in Basking Ridge, N.J., 40 miles west of New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. . KBS REIT II purchased the four-story property for $30,000,000, or $222.26 psf, and represented itself in the transaction. Joseph Garibaldi IV and Peter Nicoletti of the New Jersey office of Jones Lang LaSalle Jones Lang LaSalle (NYSE: JLL) is a major real estate and money management services firm headquartered in the Aon Center in Chicago, Illinois and the only company in its industry making it into Fortune magazine's list of the 100 Best Places to Work in the U.S. represented the seller in the acquisition which closed July 30, 2008. Constructed in 2001, 120 Mountain View Corporate Center is 96% leased to three tenants: Barnes & Noble College Bookstores, Inc., which has its headquarters at the property; the law firm of Carroll McNulty & Krull, LLC; and Wells Fargo Bank. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion