In a move tipped off with an SEC filing last month, a California-based REIT has completed its purchase of Cool Spring's McEwen Building.
Newport Beach's KBS told the Securities & Exchange Commission it w as planning to buy the 175,000-square-foot building. Late Tuesday, the $40 million deal became official.
The McEwen Building is 97 percent leased and its tenants include Southern Land — which, with Amstar, initially developed the building — as well as dialysis provider Renal Advantage, auto parts maker Carlisle Transportation Products and tech giant Cisco Systems.
"From an asset perspective, The McEwen Building 'out-leased' several competitor buildings due to its quality, superior amenities and proximity to Interstate 65," said Stephen Evans, KBS Mid-Atlantic Region senior vice president and director of acquisitions and dispositions. "From a location perspective, the area has had positive net absorption for the past 10 years, and office vacancy stands at six percent and unemployment is low at seven percent. The building and the market have all the characteristics we are seeking."