A subsidiary of KBS Real Estate Investment Trust III Inc has sold Las Cimas IV, a five-story office building containing 138,008 rentable square feet on 9.7 acres of land in Austin, Texas, for $43.2 million.
On October 28, 2011, the subsidiary acquired the property for $35.7 million plus closing costs.
The sale resulted in a gain of approximately $10.9 million, calculated in accordance with GAAP, which includes reductions to the net book value of the property due to historical depreciation and amortization expense, KBS reported.
Las Cimas Office Park is located at the intersection of Capital of Texas Highway and Bee Caves Road, eight miles from downtown. The five-story Cimas IV was built in 2008 and overlooks Lake Austin and the Central Business District.
The building was 94 percent leased to tenants including Wilson Sonsini Goodrich & Rosati and Intersil Corporation when KBS acquired the asset in 2011.