Preston Commons brings $110M; Sterling Plaza $74M | Preston Commons brings $110M; Sterling Plaza $74M | https://www.recenter.tamu.edu/news/newstalk-texas/?Item=5967 | 2013-10-22T08:58:00Z | 2013-10-21T09:00:00Z |
DALLAS - KBS Real Estate Investment Trust III Inc. released SEC filings on three purchases — Preston Commons and Sterling Plaza in Dallas and one in Maryland.
Preston Commons, a three-building office property from 8111-8117 Preston Rd., sold for $110 million. The Class A complex totals 427,799 sf on 6.3 acres in Preston Center. Preston Commons has an occupancy rate of 84.1 percent and average base rent of $30.08 per sf.
Sterling Plaza, a 313,609-sf office property, sold for $74.3 million. The property is located on 2.1 acres at 5949 Sherry Ln. in Preston Center. The property has an occupancy rate of 81.7 percent with average base rents of $27.74 per sf.
In Gaithersburg, Md., One Washingtonian Center at 314,175 sf was purchased for $86.2 million.
As a whole, the office portfolio is 86 percent leased with 120 tenants at the time of sale.
The base rental income of the portfolio is $23.5 million, or about $30.28 per sf.
| Dallas Business Journal
| Dallas-Fort Worth-Arlington
| Office
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