Friday, 04 September 2015
Commercial Real Estate Direct Staff Report
KBS Realty Advisors, an investment manager with a substantial presence in the non-traded REIT business, is aiming to raise $105 million for KBS Growth & Income REIT Inc.
The Newport Beach, Calif., company is raising the capital through its KBS Capital Markets Group affiliate, which will earn a 6.5 percent selling commission.
The latest REIT is similar, in most regards, to KBS' earlier non-traded entities. But instead of setting a $10 sales price for its shares, KBS is selling shares for $10,000 each. In addition, the offering is not public. Shares are being pitched to a small subset of the investor universe that typically is targeted by other KBS offerings.
KBS Growth already has made an investment, buying the 101,161-square-foot Von Karman Tech Center in Irvine, Calif., that's fully leased to Hosting, a database-services company.
KBS was founded by Peter Bren and Charles Schreiber in 1992. Since then, it has completed some $32 billion of transactions through 14 separate accounts, six commingled funds and six non-traded REITs.
Best Due Diligence meeting in the industry. No sales pitches, senior level decision makers, meaningful discussions and the Broker Dealer networking sessions were especially useful. Thanks to Blue Vault for raising the bar!