KBS Strategic Opportunity REIT Buys $73 Million Tennessee Office Property

KBS Strategic Opportunity REIT Inc., a publicly registered non-traded real estate investment trust, has purchased Eight & Nine Corporate Centre in the Nashville suburb of Franklin, Tennessee for approximately $73 million plus closing costs.

KBS Strategic Opportunity REIT Inc., a publicly registered non-traded real estate investment trust, has purchased Eight & Nine Corporate Centre in the Nashville suburb of Franklin, Tennessee for approximately $73 million plus closing costs.

Built in 2007, Eight & Nine Corporate Centre consists of two office buildings totaling 312,000 square feet located on 27.6 acres of land. The property is currently 82 percent leased to 15 tenants. The two buildings, located at 6550 and 6640 Carothers Parkway, were purchased from the JPMorgan Chase Bank Strategic Property Fund.

KBS Strategic Opportunity REIT funded the purchase with proceeds from a mortgage loan from an unaffiliated lender and cash on hand.

KBS Strategic Opportunity REIT launched its initial public offering in November 2009 and raised approximately $574 million in investor equity before closing the offering three years later. As of the first quarter 2018, the company owned 10 properties with an investment cost of $972.6 million, according to Summit Investment Research.

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