KBS REIT Takes Loss on Crescent Green Disposition in Cary, NC

Crescent GreenA subsidiary of KBS Real Estate Investment Trust Inc has sold the Crescent Green Buildings, three office buildings comprising 248,832 rentable square feet on a 24-acre land parcel in Cary, NC, for $37.3 million.

KBS Real Estate acquired the Crescent Green Buildings for $48.1 million plus closing costs in January 2007. The properties had a net book value of $36.5 million

Located at the intersection of U.S. 1 and Highway 64, 15 miles from the Raleigh-Durham International Airport, the property was developed by Capital Associates in the late 1990s as part of The Crescent, a 138-acre master-planned, mixed-use development complete with office, retail and residential components.

The Crescent has a total of 460,000 square feet of office space including Crescent Green. The retail component of the mixed-use development is anchored by Harris Teeter and Wal-mart.

The development also includes the Crescent Arbor Apartments, an assisted living facility and several hotels, according to marketing materials from KBS REIT.