KBS Strategic Opportunity REIT to Buy 21-Building Portfolio for $128 Million

KBS Strategic Opportunity REIT, Inc., a publicly registered non-traded real estate investment trust, signed an agreement to purchase a portfolio of 21 office/flex/industrial buildings in Redmond, Washington for $128 million plus closing costs. The seller, Calwest Industrial Properties, is not affiliated with the company.

The Westpark portfolio totals 778,472 rentable square feet and is located on approximately 41 acres of land. The 21 buildings were built between 1984 and 1992 and are currently 82 percent leased to more than 100 tenants. The weighted-average remaining lease term for the tenants is approximately 3.1 years.

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 $49.4 million in DRIP shares, according to the most recent quarterly filing with the Securities and Exchange Commission.

The REIT owns 26 office properties, one retail property, two multifamily properties, two investments in undeveloped land totaling 1,670 acres, one first mortgage loan and two investments in unconsolidated joint ventures.

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 founded in 1992. Since its inception, KBS-affiliated companies have completed transactional activity in excess of $31.5 billion via 14 separate accounts, six commingled funds, five sovereign wealth funds and six non-traded REITs.

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