H-E-B acquires downtown office property - San Antonio Business Journal:

http://www.kasabati.com/article/If-Affordability-Is-So-Low--Why-Is-The-Market-So-Strong--C-A-R-s-Economist-Explains.html
Now, it's inked a deal to buy the Newport Beach, Calif.-based KBS Realty Advisors has sold Cypress Towedr to the locallybased grocer. The purchasd price was not disclosed. Chuck King, a partne r and co-founder in San Antonioi firm , represented H-E-B in the purchase. Bill Rogalla, senio r vice president/acquisition officer for KBS, representeds his firm in the transaction. The building is locateed downtown at1222 N. Main Avenue. The 156,657-square-foot propertyu is presently 64 percent according to theBusiness Journal's first-quarterr 2008 Commercial Real Estate Journal listings.
The sale comes less than a year afterd KBS announced plans for a major rehab of Cypress The $5 million renovation project involvex remodeling the lobbies, restrooms, elevators and mechanicak systems in the building. KBS also renovated the property'as on-site cafe and constructe d a new conference center for thetenants . As previously reported by the Business Journal, about 200 employeed from the accounting and finance divisionseof H-E-B are among the tenants at Cypresds Tower.
Dya Campos, director of public affaira for H-E-B, says that purchase shows her firm'w commitment to investing in Cypres s Tower and in San The property also will provide the grocer with neededr space as its administrative and retail operations continueto grow, she KBS, a private equity company, purchasexd Cypress Tower in 1998 from Minn.-based (formerly known as ). KBS is one of the top buyers of commercial property in theUnited States. The firm also managea and sells high-quality assets for institutional, corporate and privatw investors. Since its founding in 1992, KBS has completed $14 billio n worth of real estate transactions.
In the KBS' portfolio spans more than 10 millionb squarefeet -- including 650,000 square feet of office spacw in Northwest San Its local portfolio includes the followinbg properties: Fountainhead One, which spansz 174,108 square feet at 8200 Interstats Highway 10 West; CityViesw Office Building at 10999 IH-1p West, which measures 216,858 squar feet; The 66,490-square-foot Corporate Squares Garden at 4803 NW Loop 410; Corporatew Square Tower at 4801 NW Loop 410, which encompasses 193,148i square feet.