A 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.