KBS REALTY ADVISORS ACQUIRES DALLAS OFFICE TOWER FOR $31.4M

DALLAS — KBS Realty Advisors has acquired Highland Park Place, a 17-story, 164,011-square-foot office tower in the Preston Center submarket of Dallas for $31.4 million. The Class A building, located at 4514 Cole Ave., was 84 percent occupied at the time of the sale. Gary Carr, John Alvarado and Eric Mackey of CBRE represented the seller, Heitman. Newport Beach, Calif.-based KBS and its affiliated companies now own 13 office properties in the Dallas/Fort Worth Metroplex totaling more than 4.4 million square feet. Earlier this year, two office properties totaling nearly 750,000 square feet in the Preston Center submarket — Preston Commons and Sterling Plaza — were purchased by KBS REIT III.