Tuesday, August 25, 2015

KBS REIT Acquires CrossPoint at Valley Forge

by Steve Lubetkin, Globest.com
KBS Real Estate Investment Trust III, a Newport Beach, California-based non-traded real estate investment trust has acquired CrossPoint at Valley Forge, a class A office building in Wayne, PA, for $89.5 million.

“We believe that the property’s central location near a growing amenity base will have a positive impact on the tenants of CrossPoint at Valley Forge,” says KBS regional president Marc DeLuca. “We also believe that this node on the Wayne/King of Prussia border is becoming an incredibly attractive live, work, and play community that will contribute to the path of growth for the property.”

Built in 1974 and gut-renovated in 2014, CrossPoint at Valley Forge is a 272,360-square-foot, LEED Gold-certified and Energy Star-rated building. The property includes amenities such as a fitness facility and a cafĂ© with indoor and outdoor seating, Wi-Fi and television monitors. The surrounding neighborhood includes amenities such as the King of Prussia Mall, the second largest mall in the United States, a Wegman’s and a Walmart Supercenter. The neighborhood will soon be improved with a lifestyle center that will include LA Fitness, Nordstrom Rack, Del Frisco’s and Starbucks, among others.

“We believe the renovations delivered at the property, coupled with the area’s expanding amenity base, will serve to deepen the tenant pool for the property, which already includes Teleflex, Rovi, Medecision, Lewis Brisbois and Principal Financial,” says KBS vice president Shannon W. Hill.

CrossPoint at Valley Forge is located near the intersection of the Pennsylvania Turnpike and I-76. The property also has direct access to Route 202, a well-traveled business route that runs parallel to Pennsylvania Turnpike. Additionally, the property is situated approximately one mile from 1000 Continental, an office asset purchased in February 2014, by a KBS-affiliated company.

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