RC Acquisitions Cancels $280M Acquisition with KBS REIT II
September 27, 2017 | Luke Schmidt | Blue Vault
On September 25, 2017, RC Acquisitions, LLC, a Pacific Reach Properties affiliate, exercised its right to terminate an agreement to purchase the Union Bank Plaza office building from KBS Real Estate Investment Trust II, Inc for $280 million. The property is a 40-story office building containing 627,334 rentable square feet located at 445 South Figueroa Street in Los Angeles, California on approximately 3.7 acres of land.
RC Acquisitions entered into a purchase and sale agreement with KBS Real Estate Investment II on September 8, 2017, and had until November 3, 2017 to perform due diligence on the property. As a result of this termination, RC Acquisitions will receive a refund of the funds deposited as earnest money towards the purchase price.
Learn more about KBS Capital Markets Group on the Blue Vault Sponsor Focus page.
Blue Vault helps me to stay well informed on the financial status of both open and closed nontraded REITs and BDCs, so that I can help my clients better understand the product, before they make the decision to invest and after.