A California real estate investment trust is closing in on the purchase of Cool Springs' McEwen Building for $40 million.
A subsidiary of Newport Beach-based KBS Real Estate Investment Trust III in late February signed the papers to acquire the three-year-old, 175,000-square-foot building developed by Southern Land Co. and Amstar. In a filing with the Securities and Exchange Commission, KBS officials say they are negotiating a mortgage loan to complete the purchase.
In its filing, KBS says the McEwen Building is 97 percent leased and taking in an average rent of $25.85 per square foot — 10 percent more than the Cool Springs average as of March 31. Among the property's largest tenants are Southern Land itself, dialysis provider Renal Advantage and auto parts maker Carlisle Transportation Products.