UNLOCK THE POWER OF THE VAULT

KBS Strategic Opportunity REIT to Buy San Francisco Office Building for $170 Million

May 17, 2016

KBS Strategic Opportunity REIT Inc., a publicly registered non-traded business development company, entered into an agreement to purchase 353 Sacramento in San Francisco for $169.5 million plus closing costs. The seller, Pacific EIH Sacramento LLC, is not affiliated with the company.

Built in 1982, the class A, 284,800-square-foot office building sits on 0.35 acres of land in the city’s financial district. 353 Sacramento is currently 87 percent leased to 25 tenants, with a weighted-average remaining lease term of approximately 2.2 years.

KBS Strategic Opportunity REIT deposited $1 million towards the purchase of the property.

KBS Strategic Opportunity REIT, which went effective in November 2009 and closed in November 2012, raised $561.7 million in its primary offering and has sold $56 million in DRIP shares, according to the most recent quarterly filing with the Securities and Exchange Commission.

Article Located Here

Go Back
Gregory De Jong, CFP, Co-Founder of Paragon Advisors, LLC.
July 7, 2015

Blue Vault is just what advisors need to size up the different offerings in the nontraded REIT market. Just as importantly, it’s what the industry needs to encourage best practices among REITs.