KBS REIT buys 6-building flex portfolio

KBS Real Estate Investment Trust today announced it has acquired the six-building Nashville Flex Portfolio in Nashville, Tenn., for $53.5 million.

The portfolio, sold by an affiliate of first Industrial Realty Trust, comprises 551,184 square feet of flex industrial and office space built between 1986 and 2001. Three of the properties are located in the Metro Center submarket, and the remaining properties are located in the Elm Hill Pike/I-40 East submarket.

Combined, the portfolio was 97.5 percent leased at the time of sale to 36 tenants. Major tenants include CVS/Caremark, Quest Diagnostics, Caterpillar, Nashville Metro Government, Mercantile Properties Inc., Southwestern Telecom and GSA.

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