Irving’s Tower on Lake Carolyn sold for $46 million

IRVING – The 364,366-sf Tower on Lake Carolyn has been purchased by KBS Real Estate Investment Trust III.

The contractual purchase price of the Tower on Lake Carolyn was approximately $46.3 million plus closing costs.

Built in 1988 and renovated in 2007, the Tower at Lake Carolyn was 83 percent leased to 42 tenants as of Dec. 1. The current aggregate annual effective base rent, which is calculated as the annualized contractual base rental income (net of rental abatements), for the tenants of the Tower on Lake Carolyn is approximately $5.4 million.

The current weighted-average remaining lease term for the tenants is approximately 4.4 years. The current weighted-average rental rate over the remaining lease term is $21.55 per sf.

The seller was SP III 909 Lake Carolyn Parkway LP.

Read more at the Securities and Exchange Commission.