KBS Real Estate Investment Trust II, a publicly registered non-traded REIT, signed a new 27,855-square-foot lease at Horizon Tech Center in San Diego with Ingenu, a wireless technology firm.
KBS REIT II originally purchased the property in 2010 for $40.5 million from Bank of America. The property went into foreclosure when its developer, Opus West, filed for bankruptcy.
Built in 2008, Horizon Tech Center consists of three, two-story, LEED Gold-certified office buildings. The property, which has 10-foot ceilings, contains 157,884 rentable square feet and is situated on an 11.35-acre site in the Scripps Ranch community in northern San Diego County.
“We are pleased that Ingenu has made Horizon Tech Center its home,” said Tim Helgeson, senior vice president at KBS. “The property is not only energy efficient with state-of-the-art security and building systems, which our tenants certainly appreciate, it also provides access to great scenery and walking trails at nearby Evan’s Pond. We look forward to a long relationship with Ingenu.”
Ingenu is building the first wireless “Machine Network”, which will be the world’s largest Internet of Things (IoT) network dedicated to connectivity for machine-to-machine devices. The IoT is anticipated to include up to 50 billion devices over the next decade – bringing the ability to communicate wirelessly with things like remote meters, sensors, vehicles, and home appliances.
KBS Real Estate Investment Trust II’s portfolio consists of 10 office properties, one office/flex property and an office campus consisting of eight office buildings, and two real estate loans receivable. The REIT closed its offering in December 2010.
KBS Capital Advisors is the external advisor to KBS Real Estate Investment Trusts, and is an affiliate of KBS Realty Advisors, a private equity real estate company and SEC-registered investment adviser. Since its inception, KBS-affiliated companies have completed transactional activity in excess of $31.1 billion via 14 separate accounts, six commingled funds, five sovereign wealth funds and six non-traded REITs.