The DMN’s Steve Brown reports that KBS Real Estate Investment Trust III Inc. has agreed to purchase the 19-story Tower on Lake Carolyn for $46.3 million. California-based KBS disclosed its pending purchase of the tower in filings with the Securities and Exchange Commission. The 364,366-square-foot office building is at 909 Lake Carolyn Parkway at North O’Connor Boulevard. It’s not far from a DART Orange Line Station. Built in 1988, the building is more than 80 percent leased. Brown also reports that Alabama-based apartment investor Colonial Properties Trust has paid $42.8 for the Canal Side Lofts on East Las Colinas Boulevard. Developer Palladium USA International built the 306-unit project in 2006. It was leased more than 95 percent at sale. The new owner has renamed the property the Colonial Reserve at Las Colinas.