Bridgeway Tech Center sells to REIT

Buyer expects 'sustained rental growth' in market

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KBS Real Estate Investment Trust recently acquired Bridgeway Technology Center in Newark, Calif., for an undisclosed price. The acquisition is an office/R&D property comprised of two single-story buildings totaling 187,268 square feet on an approximately 13-acre site. Built in 1996, the two buildings are of tilt-up concrete construction. The first building totals 75,342 square feet with 95 percent office build out, and the second building totals 111,926 square feet with 60 percent office build out. The buildings, located at 7007-7015 and 7151 Gateway Blvd., were 100 percent leased at the time of sale to Risk Management Solutions Inc. and GE Homeland Protection Inc. According to KBS Capital Advisors Senior Vice President Peter Mette, KBS REIT was attracted by the "dynamic Silicon Valley real estate market where sustained rental growth is anticipated." ...