Pacific Oak Strategic to sell Orange, Calif., office tower for $150.5M
May 20, 2021 | Pam Rosacia | S&P Global Market Intelligence
Pacific Oak Strategic Opportunity REIT Inc. earlier in May agreed to sell a 435,177-rentable-square-foot office asset in Orange, Calif., for $150.5 million, subject to deal closing adjustments.
The property, known as City Tower, sits on about 4.92 acres of land and is encumbered by a mortgage loan with an outstanding principal balance of $98.4 million as of April 30.
Pacific Oak also agreed in February to sell 193 developable acres of undeveloped land in North Las Vegas for about $56.2 million in gross proceeds. Following the sale, the company will own about 800 developable acres at the site, known as Park Highlands.
The nontraded diversified real estate investment trust plans to use net proceeds from both sales for shareholder liquidity, new opportunistic investments, capital projects, existing debt reduction and other general corporate purposes.
Pacific Oak said the buyers of both properties are not affiliated with the REIT nor with Pacific Oak Capital Advisors LLC, its adviser.
