KBS Strategic Opportunity REIT Sells 11-Property Office Portfolio to Singapore-Based Investor for $804M

by Katie Sloan

NEWPORT BEACH, CALIF. — KBS Strategic Opportunity REIT Inc. has sold a portfolio of 11 office properties to various subsidiaries of Keppel-KBS US REIT, a newly formed Singapore-based REIT, for $804 million.

“We believe that the Singapore transaction was an excellent opportunity to monetize these assets at attractive pricing and to utilize a substantial portion of the net proceeds to invest in new opportunistic investments, as well as current capital projects,” says Keith Hall, CEO and director of KBS Strategic Opportunity REIT.

The portfolio of properties includes:

  • 1800 West Loop, a 400,101-square-foot office tower in Houston.
  • Westech 360, a 175,529-square-foot, four-building office park in Austin, Texas.
  • Great Hills Plaza, a 139,252-square-foot, three-story office building in Austin.
  • Westmoor Center, a 612,890-square-foot, six-building office campus in Westminster, Colo., 11 miles northwest of Denver.
  • Iron Point Business Park, a five-building, 211,887-square-foot office park in Folsom, Calif.
  • The Plaza Buildings, two office properties totaling 490,994 square feet in Bellevue, Wash., 10 miles outside Seattle.
  • Bellevue Technology Center, a 330,508-square-foot, nine-building office campus located in Bellevue.
  • Northridge Center I and II, two office buildings totaling 188,509 square feet in Atlanta.
  • West Loop I and II, a 313,873-square-foot, multi-tenant office complex in the Bellaire submarket of Houston.
  • Powers Ferry Landing East, a collection of three six-story office buildings in Atlanta.
  • Maitland Promenade II, a 230,366-square-foot office building in Maitland, Fla.

Keppel-KBS US REIT and its underlying properties will be externally managed by a joint venture between Keith Hall and Peter McMillan III, co-founders of KBS Capital Advisors, and Keppel Capital Holding Pte. Ltd.

KBS Strategic Opportunity REIT Inc. is a non-traded real estate investment trust based in Newport Beach, Calif. KBS Capital Advisors is the external advisor to KBS REITs and is an affiliate of KBS Realty Advisors, a private equity real estate company and SEC-registered investment adviser.

KBS-affiliated companies have completed transactional activity in excess of $35 billion through 15 separate accounts, six commingled funds, five sovereign wealth funds and seven non-traded REITs.

Katie Sloan

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