KBS Growth & Income REIT Takes Big Haircut on Chicago Office Sale

KBS Growth & Income REIT Inc., a publicly registered non-traded real estate investment trust, completed the sale of the Institute Property for $17.0 million to an affiliate of Coastal Partners LLC.

The REIT had acquired the seven-story Chicago office building in $43.5 million.

In connection with the disposition of the Institute Property, the company repaid a $16.2 million principal balance under a modified term loan and the Institute Property was released as a security from the loan.

In August 2020, KBS terminated their distribution reinvestment plan to pursue a liquidation strategy.

Click here to visit The DI Wire directory page.