REIT Sells Notes on UTC Office Tower for $85.8MMonday, July 9, 2012
KBS Real Estate Investment Trust II, a unit of KBS Capital Markets Group of Newport Beach, has sold notes collateralized by the Northern Trust Building at University Towne Center, for approximately $85.8 million to an undisclosed buyer, according to CoStar Group.
The KBS REIT acquired the notes for a total of $60.1 million in 2008 and earlier this year, resulting in a gain of $24.8 million after closing costs on the sale.
The 10-story Northern Trust office tower, built in 1987, is located within the Plaza at La Jolla Village, a master-planned office complex in the UTC/Golden Triangle submarket, CoStar reported. The building includes a ground-floor restaurant and a 124-stall parking garage.