KBS Real Estate Investment Trust today announced it has acquired the nine-building Opus National Industrial Portfolio for $124.5 million.
The class A buildings are located in eight key domestic distribution markets and combined are 97 percent leased to 15 tenants. Comprised of approximately 2.32 million square feet of distribution and office/warehouse space, the properties were built between 1992 and 2006.
The portfolio, sold by Opus Corp., includes the following nine properties: Park 75 (427,920 square feet in suburban Cincinnati, Ohio); Hartman BC (353,983 square feet in suburban Atlanta, Ga.); Rickenbacker IV (337,283 square feet in suburban Columbus, Ohio); Plainfield BC VIII (321,627 square feet in Plainfield, Ind.); Crystal Park II (240,452 square feet in suburban Austin, Texas); Cardinal Health DC (221,750 square feet in suburban Minneapolis); ADVO/Valassis (160,464 square feet in metropolitan Detroit); Corporate Express (131,040 square feet in the Dallas-Fort Worth market); and Cedar Bluffs BC (81,329 square feet in suburban Minneapolis).
Major tenants in the properties at the time of sale included Dell Products (Park 75 facility), Medline Industries (Rickenbacker IV), Brightpoint North America (Plainfield BC VIII facility), Cardinal Health Inc. (Cardinal Health facility), ADVO/Valassis (ADVO/Valassis facility) and Corporate Express of Texas (Corporate Express property).