Non-Traded REIT Extends Total-Building Lease With Auto Finance Company at Sabal Pavilion in Tampa, Fla.
Ford Motor Credit Company Has Been a Tenant at the KBS-Owned Building Since 1999
(firmenpresse) - TAMPA, FL -- (Marketwire) -- 07/27/11 -- KBS Capital Advisors, an affiliate of KBS Realty Advisors of Newport Beach, Calif., has signed a long-term extension with Ford Motor Credit Company for the total-building, 120,500-square-foot lease at Sabal Pavilion in Tampa, Fla. The property is owned by KBS Real Estate Investment Trust I (KBS REIT I), a non-traded REIT.
Ford Motor Credit Company, a subsidiary of Ford Motor Company, was the original building tenant, moving in November 1999. In early 2009, the company extended its lease to 2017 but retained the right to terminate the lease in 2015. KBS worked with Ford to eliminate that termination option and extend the lease to 10 years.
Jack Hoskins in CB Richard Ellis' Tampa office represented the tenant and KBS represented itself.
Acquired by KBS REIT I in 2006, Sabal Pavilion is a four-story office building situated in the prestigious Sabal Park master-planned business complex in the Hillsborough submarket of East Tampa, 10 miles from downtown Tampa. Onsite features include four restaurants, two hotels, banks and a travel agency. The complex also offers proximity to Verizon Smart Park, I-4, the Crosstown Expressway and Highway 301.
"We are pleased to continue our relationship with Ford Motor Credit Company," explained Allen Aldridge, KBS senior vice president and asset manager. "Sabal Pavilion is an institutional-grade property with a prime location and rich amenities."
KBS REIT I's two Tampa properties, Sabal Pavilion and Sabal Pavilion VI, total more than 216,000 square feet. KBS-affiliated companies also own three other Florida properties.
KBS is a private equity real estate company and SEC-registered investment advisor founded in 1992 by Peter Bren and Chuck Schreiber. Since 1992, KBS Realty Advisors and its affiliated companies have completed transactional activity of approximately $20 billion via 14 separate accounts, six commingled funds, five sovereign wealth funds and five non-traded REITs. For information, visit .
This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including discussions regarding the REIT's use of proceeds and certain other factors that may affect future earnings or financial results. Such statements involve risks and uncertainties which could cause actual results to vary materially from those expressed in or indicated by the forward-looking statements. Factors that may cause actual results to differ materially include changes in general economic conditions, changes in real estate conditions, construction delays, changes in interest rates, lease-up risks, lack of financing availability and lack of capital proceeds.
Cindy Tullues or Bob Ochsner
DGWB for KBS Realty Advisors
(714) 881-2310
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Datum: 27.07.2011 - 12:00 Uhr
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News-ID 38147
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