KBS REIT breaks into Florida market

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KBS Real Estate Investment Trust has acquired Sabal Pavilion, a four-story office building in East Tampa, Fla. The value of the transaction was $24.2 million. The purchase marks the first property asset for KBS REIT, a publicly offered, non-traded real estate investment trust. The 120,500-square-foot Sabal Pavilion was purchased from Capital Partners, an unaffiliated, Miami-based organization. Built in 1998, the building was 100 percent leased at the time of sale to Ford Motor Credit Co. Sabal Pavilion is located at 3620 Queen Palm Drive. KBS REIT is an affiliate of KBS Realty Advisors, a real estate investment firm that has invested or managed more than $6 billion since the company's inception in 1992. ...