San Antonio: KBS stocks up $62M for Promenade I, II at EilanSan Antonio: KBS stocks up $62M for Promenade I, II at Eilanhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=3512015-07-16T14:59:00Z2015-07-16T08:05:00Z

SAN ANTONIO - KBS Real Estate Investment Trust III has acquired 100 percent of the outstanding shares for Promenade I and II at Eilan for $62.2 million.

As of June 1, 2015, Promenade I & II at Eilan collectively was 100 percent leased to 15 tenants with a weighted-average remaining lease term of 6.2 years.

The annualized base rent for the tenants of Promenade I & II at Eilan was approximately $5.0 million. The average annualized base rent per sf was $24.88.

Built in 2011, the office properties span a total of 200,072 sf and house tenants such as KPMG, Merrill Lynch, Northwestern Mutual, Apache Corporation, among others.

Located at 17806 and 17802 I-10 on six acres, the two buildings are surrounded by exploding population growth, as well as a slew of new residential, commercial and retail development.

The tenants include the properties of resort-style workout facilities, a spa, convenience stores, tennis courts, parks and gardens, and can count the Shops at La Cantera and the Rim as neighbors.

San Antonio Business Journal
San Antonio-New Braunfels
http://www.bizjournals.com/sanantonio/news/2015/07/14/promenade-i-and-ii-at-eilan-acquired-by-california.htmlRead more at {Source}

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