During one busy winter day, KBS Real Estate Investment Trust spent nearly $100 million for a pair of office properties separated by more than 2,000 miles. On Feb. 1, the Newport Beach, Calif.-based unlisted REIT acquired two separate office complexes in San Francisco and Raleigh, N.C. for roughly $99 million.

The deal illustrates how capital has become migratory as real estate investors scour the national market for deals. California investors closed more out-of-state deals than most buyers in 2006, reports Real Capital Analytics.

For KBS REIT, which manages $6 billion in commercial real estate, the purchases were each appealing as both fit KBS' stringent acquisition criteria: well-located and stabilized properties in fast-growing metropolitan areas.

The San Francisco office property at 625 Second St. is located in the city's trendy South of Market (SOMA) district. Originally constructed with brick and timber, the 134,847 sq. ft. building was fully renovated and upgraded in 1999. In addition, a full seismic retrofit was designed to keep the property from foundering during an earthquake.

In Cary, N.C., KBS bought Crescent Green, a complex with three fully leased Class-A office buildings. Cary is located outside of Raleigh, the nation's sixth fastest-growing metropolitan area last year.

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