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