Two non-traded REITs sponsored by KBS Capital Advisors recently signed leases totaling over 40,000 square-feet.
KBS Real Estate Investment Trust II (KBS REIT II) closed its initial public offering in December 2010 and has a diversified portfolio of Class A office and industrial properties in major metropolitan markets, as well as real estate-related loans. KBS Real Estate Investment Trust III (KBS REIT III) is still open to new investors and invests in a diverse portfolio of real estate properties and real estate related debt assets in the U.S.
KBS REIT II’s Union Bank Plaza in downtown Los Angeles leased 18,137 combined square feet to JP Tech Insurance Services and Yoka & Smith, LLP.
Located at 445 South Figueroa Street, Union Bank Plaza consists of a 607,517 square-foot Class A office tower, a two-level 19,817 square-foot retail plaza, and a 914-space parking structure. JP Tech Insurance Services is leasing 1,336 square-feet and Yoka & Smith is leasing 16,801 square feet.
“We are excited about JP Tech Insurance Services’ expansion within our property and proud to officially welcome Yoka & Smith to our building who will be transitioning from a sublease,” commented KBS Western Regional President, Rodney Richerson. “KBS is committed to high-quality tenant services, which we believe is a key reason in these companies’ selection of our property,” he added.
Sterling Plaza in Dallas, Texas was acquired by KBS REIT III in June 2013.
The 19-story office property is located in the Preston Center submarket of the Dallas/Fort Worth area and contains 313,609 square feet of rentable office space. Caiman Energy II became the building’s largest tenant, expanding and renewing a total of 25,829 square-feet. Drs. Frederick and Charlotte Hodges along with Park Cities Child & Adolescent Psychology, PLLC and the Aesthetic Institute of Dallas, PLLC signed a new lease for a 1,147 square-feet of space.
“We’re proud that we could meet Caiman Energy II’s office space needs as they continue to experience significant growth in their business and also welcome Dr. Frederick & Charlotte Hodges to the building,” said KBS Dallas Asset Manager, Ryan McManigal.”
Since its founding, KBS Capital Advisors and its affiliated companies have completed over $30 billion in transactions through 14 separate accounts, six commingled funds, five sovereign wealth funds and six non-traded REITs.