KBS Strategic Opportunity REIT II, a publicly registered non-traded real estate investment trust, purchased Lincoln Court, a three-story office building in the San Jose suburb of Campbell, California, for $51.5 million.
Lincoln Court is a 123,529-square-foot, class A property located 10 minutes from San Jose International Airport. Currently 98 percent leased, the building recently underwent renovations to the lobby, interior, and courtyard. The property offers a two-level parking structure with 474 parking spots and a 3.8/1,000-square-foot parking ratio.
“Lincoln Court’s prime location within the West Valley submarket coupled with its proximity to nearby amenities make it an attractive offering for tenants,” said Michael Potter, vice president and asset manager at KBS. “We believe that the property’s offerings and the high demand for office space in Silicon Valley will make Lincoln Court a strong addition to the KBS Strategic Opportunity REIT II portfolio.”
KBS Strategic Opportunity REIT II focuses on investing in real estate-related loans, opportunistic real estate, real estate-related debt securities and other related investments located in the United States and Europe. The REIT went effective in August 2014 and has raised $77.6 million in investor equity since inception, according to the most recent Stanger Market Pulse. As of March 31, 2016, the REIT owned two hotel properties, one office property and had originated a first mortgage loan.
KBS Capital Advisors is the external advisor to KBS real estate investment trusts, and is an affiliate of KBS Realty Advisors, a private equity real estate company and SEC-registered investment adviser founded in 1992. Since its inception, KBS-affiliated companies have completed transactional activity in excess of $31.5 billion via 14 separate accounts, six commingled funds, five sovereign wealth funds and seven non-traded REITs.