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KBS Strategic Opportunity REIT Buys Texas Office Property for $83.4 Million

KBS Strategic Opportunity REIT Inc., a publicly registered non-traded real estate investment trust, acquired 125 John Carpenter in Irving, Texas for $83.4 million plus closing costs, according to a filing with the Securities and Exchange Commission.

Built in 1982 and 1983, 125 John Carpenter is comprised of two office buildings totaling 442,000 rentable square feet. The property is currently 84 percent leased to 22 tenants with a weighted-average remaining lease term of 7.1 years. The REIT funded the purchase with proceeds from a mortgage loan and cash on hand.

In other company news, KBS Strategic Opportunity REIT recently commenced a $50 million self-tender offer to purchase up to approximately 3.6 million shares of common stock for $14.07 per share. The offering price is 95 percent of the most recent estimated value per share of $14.81.

KBS Strategic Opportunity REIT went effective in November 2009 and closed its primary offering three years later after raising $574 million in investor equity. As of the second quarter 2017, the company owned 20 properties with an investment cost of $1.2 billion, according to Summit Investment Research.

For more KBS related news, visit their directory page here.