| "Two news items suggest Austin, Texas might be a | | | | study by AARP The Magazine has found to that |
| hot market for two very diverse types of residents: | | | | Austin is in the top four cities in the country to |
| retirees and entrepreneurs. KBS Real Estate | | | | watch for being retirement-friendly. The magazine |
| Investment Trust has recently acquired nine Class-A | | | | determined retirement-friendly cities by looking at |
| office, warehouse, and distribution properties totaling | | | | expanded sidewalks, mixed-use housing, good quality |
| two million-square feet. One of the properties is in | | | | health care, and quality mass transit systems. Using |
| the Dallas-Fort Worth region, and one is in the Round | | | | this criteria, the magazine found that the Texas |
| Rock, Texas region. The rest of the properties are | | | | capital city provided excellent quality of life to |
| located outside of Texas. | | | | residents over the age of 50 and would in fact tend |
| Of these properties, the largest property that KBS | | | | to attract those types of residents. The magazine |
| Real Estate Investment Trust purchased is situated in | | | | reports that this age group will likely grow by 32% in |
| Round Rock. The enormous Crystal Park II industrial | | | | the next decade and a half, so entrepreneurs in the |
| building boasts over 240,000-square-foot of space in | | | | area may wish to cater to retirees and boomers as |
| the 38-acre Crystal Park complex situated at Old | | | | well as to businesses. The magazine also reported |
| Settlers Boulevard and Greenhill Drive, near I-35. The | | | | that other top communities to watch for being |
| Corporate Express building is a Class B flex building, | | | | retiree-friendly included Burlington in Vermont, |
| slightly more than 131,000-square-feet. Located at | | | | Mankato in Minnesota, and Traverse City in Michigan. |
| 2230 Avenue J in Arlington, the building is in the highly | | | | Retirees considering moving to the Austin area will be |
| desirable Dallas-Fort Worth region. California-based | | | | pleased to know that the constant building and |
| KBS purchased the portfolio of properties from | | | | expansion in Austin's downtown district creates more |
| Minneapolis-based Opus Corp. for a reported $124.5 | | | | mixed-use properties and properties that are ideal for |
| million. The seller was represented by CB Richard Ellis. | | | | retirees. The fact that Austin's downtown residential |
| So far, no official reports have been made about | | | | area often includes easy access to clinics, stores, |
| what may be done with the properties. However, | | | | restaurants, and other attractions is surely an |
| KBS will likely continue to rent the highly desirable | | | | attraction as well. In addition, Austin's mild climate, |
| properties to business tenants. All the buildings in the | | | | natural beauty, and easy access to the facilities and |
| portfolio -- including the Texas holdings -- have | | | | continuing education classes at the University of |
| excellent occupancy rate. In fact, Crystal Park II was | | | | Texas are sure to please those over 50." Kinan Beck |
| 73% leased out to various tenants at the time that | | | | is the Broker and co-owner of One Source Realty in |
| the KBS deal was made. The Corporate Express | | | | Austin Texas. Visit Kinan's Lake Travis real estate |
| building is completely leased by Corporate Express. | | | | website, visit his Austin Texas Real Estate company's |
| KBS may be looking to attract more businesses to | | | | website, & his Austin Condos website. He has seen |
| the Crystal Park II building. | | | | considerable success in real estate, and looks forward |
| In addition to the businesses and business tenants so | | | | to many more years in the business. |
| obviously eager to rent in the Texas area, a new | | | | |