Barbara R. Cambon, a director on the KBS Real Estate Investment Trust III Inc. board, has accepted a position as chief executive officer and chief investment officer of a to-be-formed KBS-sponsored fund. Details on the fund have not yet been released.
Cambon, who verbally accepted the offer on June 14th, will no longer qualify as an independent director of the non-traded REIT and plans to step down from its audit committee. She has also agreed to recuse herself from the review, deliberation and approval of all matters that could raise a potential conflict of interest, the company said.
Cambon has served as an independent director and chair of the REIT’s conflicts committee since September 2010. She also serves as an independent director, chair of the conflicts committee, and chair of the special committee of KBS REIT I and KBS REIT II.
With more than 30 years of real estate investment experience, Cambon has held executive positions at investment management firm Premium One Asset Management, real estate asset management firm Snowcreek Management LLC, private real estate firm Colony Capital, and real estate consulting company Institutional Property Consultants Inc. She received a master’s degree in business administration from Southern Methodist University and a bachelor’s degree in education from the University of Delaware.
Cambon’s term as a director expires at the July 27th annual meeting of stockholders, and the board has nominated her for election until her successor is chosen.
The KBS REIT III annual meeting was recently postponed from July 10th until Friday, July 27th at 10:00 a.m. PST. The meeting will be held at the offices of KBS in Newport Beach, California.
KBS REIT III’s initial offering commenced in October 2010 and closed in July 2015 after raising approximately $1.8 billion. As of the first quarter of 2018, the company’s $3.4 billion portfolio was comprised of 28 office properties and one mixed-use office/retail property, according to Summit Investment Research.
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