"KBS Real Estate Investment Trust II (KBS REIT II) has acquired a four-building industrial portfolio located throughout Pittston, Hazleton, and Jessup, PA for $90 million, or about $55 per square foot.
The portfolio consists of 1.6 million square feet of class A industrial space in the Northeast Pennsylvania industrial market located along the highly traveled Interstate 81 corridor. The four buildings are fully leased to seven tenants including three single-tenant leases to Kimberly-Clark, Amazon.com, and the Entenmann's division of Grupo Bimbo.
325 CenterPoint Boulevard in Pittston, PA is a single-story, 744,080-square-foot bulk industrial building completed in 2008 and located in the CenterPoint Commerce and Trade Park. Kimberly-Clark is the sole tenant.
125 Caoutak Road in Pittston, PA is also located in the CenterPoint Commerce and Trade Park and totals 144,000 square feet of build-to-suit bulk industrial space for Grupo Bimbo's Entenmann's division.
550 Oak Ridge Road in Hazleton, PA was built in 2008 and offers 615,600 square feet of LEED Silver-certified industrial space fully occupied by Amazon.com in the Humboldt Industrial Park.
14-46 Alberigi Drive in Jessup, PA is a 140,800-square-foot high-bay flex building completed in 2007 and located in the Jessup Small Business Center in the Scranton submarket. It is fully leased to four tenants including BAE Systems, Northeast Laminated Glass Corp., Two Chefs on a Roll, and Haband.
"The I-81 Industrial Portfolio gives KBS a significant industrial footprint in the heart of the strategically important NEPA submarket, known for easy access to northeast U.S. and Canadian cities and a well-developed industrial labor base," explained Shannon Hill, Northeast Region senior vice president and director of acquisitions for KBS Realty Advisors. "All four properties are located in top-quality business parks and should contribute to strong long-term tenant retention."
Headquartered in Newport Beach, California, KBS Capital Markets is the dealer manager and KBS Capital Advisors is the advisor for all KBS REITs. KBS Realty Advisors is a private equity real estate company and SEC-registered investment advisor founded in 1992, and has completed transactional activity of approximately $20 billion via 19 separate accounts, six commingled funds and five non-traded REITs."
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