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.
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The time (at Blue Vault's 2nd Annual Broker Dealer Educational Summit) proved extremely informative.