Los Angeles-based Kilroy Realty Corp. (KRC) has sold five Silicon Valley industrial buildings to a private investment group for $62 million. The five buildings total 430,000 sq. ft., and all are located in San Jose, Calif.
KRC acquired two of the buildings, 1710 Fortune Drive and 1961 Concourse Drive, in August 1997 as part of a larger portfolio purchase. The other three buildings, collectively known as Fortune Park Business Center, were acquired in early-1998. Kilroy anticipates a gain of $7 million on the transaction in its third-quarter results. The proceeds will be used to fund Kilroy's Southern California development efforts.