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A Tigard office building has sold to a large investment firm for about $27 million.

A fund managed by DRA Advisors purchased the 127,504-square-foot, five-story Triangle Corporate Park III property in a joint venture with Prescott Partners. The seller was KBS.

The property, which was completed in 1999, is in the busy Kruse Way submarket and has often attracted investors’ attention, brokers said.

鈥淎s one of the only Class A office buildings in the Tigard Triangle, this property has consistently set new rates for the submarket,鈥� Nick Kucha, Newmark’s vice chairman of Pacific Northwest capital markets, said in a news release. 鈥淥ffice investors who have been watching the suburban Portland market continue to grow have had this property in their sights for years.鈥�

Newmark represented KBS in the sale. James Childress, Jeff Hodson and Kellen Kollmorgen worked alongside Kucha to market and complete the sale.

Located at 13221 S.W. 68th Parkway, Triangle Corporate Park III features an outdoor basketball court and high-end locker rooms. The property also has ample parking, at four spaces per 1,000 square feet, and enjoys close proximity to Interstate 5, with signage visible from the freeway.

鈥淭riangle Corporate Park III’s capitalization on tenants actively seeking high-quality buildings in amenitized locations that are safe, clean and easily accessible to their employee base made the property extremely attractive to us,鈥� Dan Goldman, managing partner of DRA Advisors, said in a news release.

KBS had owned the property since 2005.