KBS Growth & Income REIT, a publicly registered, non-traded real estate investment trust, acquired 213 West Institute Place, a converted loft office building with vintage brick and timber details located in the River North submarket of Chicago.
The acquisition is the fourth Class A office building acquired by KBS Growth & Income REIT. Its portfolio, valued at $193.9 million, sits on KBS’ direct-access online platform, KBSDirect.com, which allows accredited investors and advisors direct access to commercial real estate properties with no load or upfront fees.
In addition to Chicago with the closing of 213 West Institute Place, properties within the portfolio are located in Irvine, Calif., Houston, Texas and Portland, Ore., with additional properties in various stages of due diligence review.
“Through renovations, creative leasing programs and outstanding brokerage relationships, our teams have been able to identify well-located properties and actively manage them in a way that seeks to benefit both our tenant and our investors,” said KBS CEO Chuck Schrieber. “Through the KBSDirect.com portal we are offering these opportunities to accredited investors seeking a tax-efficient real estate portfolio with a national footprint.”
213 West Institute Place consists of 155,454 square feet of rentable space and recently underwent a complete renovation, including a roof replacement, lobby renovation, corridor upgrades, new fire panel, and the installation of freight elevators.
KBS is one of the largest commercial real estate companies in the U.S., with transactional volume of approximately $35 billion. KBS currently operates and manages 40.2 million square feet of office space with an aggregate value of approximately $11 billion.