KBS Real Estate Investment Trust (REIT) has closed its offering of shares to the public, having raised $1.67 billion since July 2006.

The REIT, an affiliate of Newport Beach, Calif.-based KBS Realty Advisors, is not publicly traded. Shares were offered to the public through registered broker dealers and investment advisors.

Charles J. Schreiber, CEO of KBS Capital Advisors, notes, “The fact that 42,000 shareholders participated in our first KBS-sponsored non-traded REIT is a testimony to the strength of the KBS brand, and the confidence that investors and advisors have in us as a commercial real estate advisor.” KBS Capital Advisors is the external advisor of KBS REIT.

KBS REIT has used the proceeds raised from the sale of stock to acquire $1.65 billion in commercial real estate assets, including 61 properties totaling more than 20 million sq. ft. The office, industrial and retail space is located mostly in large U.S. metros.

Properties acquired by the REIT include the 487,775 sq. ft. Tysons Dulles Plaza in Washington, D.C.; the 353,561 sq. ft. Millennium Tower in Dallas; and a 11.4 million sq. ft., $516 million industrial portfolio, acquired in a joint venture with Hackman Capital Partners and Calare Properties.

As well, the REIT acquired $543 million of real-estate related debt assets, bringing total acquisitions of more than $2.1 billion.