KBS sells Offices at Riverpark to Palisade and Olive Point joint venture

KBS has sold Offices at Riverpark, a 107,029-square-foot office and medical office building in downtown Redmond, Washington, to a joint venture between Palisade Group and Olive Point, according to Connect CRE. The property is at 15809 Bear Creek Parkway, and Connect CRE did not disclose a sale price. Newmark advised KBS on the sale and arranged acquisition financing for the buyer.

The five-story building, completed in 2008, was approximately 86 percent leased at the time of sale, Connect CRE reported. Its average floor plates are about 21,300 square feet, and KBS completed nearly $2 million in capital improvements during its ownership.

At roughly 86 percent occupancy, the reported figures imply about 15,000 square feet of vacant space.

Newmark's sale team was led by Kevin Shannon, co-head of U.S. capital markets, with managing directors Michael Moll, Ken White and Liam Ogburn. The financing team included Jonathan Firestone, co-president of global debt and structured finance; Blake Thompson, vice chairman; and Travis Bailey, managing director. Moll said, "This sale represents a positive sign in investor conviction in the Eastside office market and improving leasing fundamentals that we are seeing drive this tenant-led capital markets recovery."

Newmark's financing desk also secured a $76.2 million take-out loan for Embrey's 354-unit Orlando apartment property, according to a same-day report from this publication.