GREENWOOD VILLAGE, Colo., May 21, 2015 (GLOBE NEWSWIRE) -- KBS Real Estate Investment Trust III (KBS REIT III), a non-traded real estate investment trust based in Newport Beach, California, announced the acquisition of Village Center Station, a Class A development located in the City of Greenwood Village in Denver's southeast region.
Built in 2009, Village Center Station is a 234,915-square-foot LEED Gold certified building directly connected to the Arapahoe at Village Center light rail stop. The property includes a number of restaurants and retailers, in addition to a 786-space parking structure.
"Village Center Station is one of the premier light rail served office projects in the Denver metroplex and is a perfect example of the live, work, play environment that we've been trying to acquire across the country," said KBS Regional President Rodney Richerson.
Being adjacent to the Arapahoe at Village Center station provides tenants easy access to the building and area. Additionally, the property sits next to Interstate 25, offering tenants and visitors an easy commute to the many amenities of Greenwood Village.
"We are very excited about this acquisition and believe it fits our current asset strategy very well," said KBS Senior Vice President Mark Brecheen.
KBS Capital Advisors is KBS REIT III's external advisor and is an affiliate of KBS Realty Advisors, a private equity real estate company and registered investment adviser founded by Peter Bren and Charles J. Schreiber in 1992. Since its inception, KBS-affiliated companies have completed transactional activity in excess of $32 billion via 14 separate accounts, six commingled funds, five sovereign wealth funds and six non-traded REITs. For information, visit www.kbs.com.
This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended including statements relating to KBS REIT III's ability to invest in and manage a diverse portfolio, and the performance of Village Center Station and of the Greenwood Village real estate market. These statements are subject to known and unknown risks, uncertainties and other factors which may cause KBS REIT III's and/or Village Center Station's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
CONTACT: Cristina Martinez, 212-279-3115 ext. 215, firstname.lastname@example.orgSource:KBS Capital Markets Group