Preston Commons brings $110M; Sterling Plaza $74MPreston Commons brings $110M; Sterling Plaza $74Mhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=59672013-10-22T08:58:00Z2013-10-21T09:00:00Z

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
http://www.bizjournals.com/dallas/news/2013/05/31/kbs-to-buy-two-preston-center-office.htmlRead more at {Source}

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