SOURCE: KBS Strategic Opportunity REIT
HOUSTON, TX--(Marketwire - Dec 12, 2012) - KBS Strategic Opportunity REIT Inc. (KBS Strategic Opportunity REIT), a public non-traded real estate investment trust headquartered in Newport Beach, Calif., has closed on West Loop I & II, a 313,873 rentable square-foot office complex in Houston's Bellaire submarket. The acquisition gives the non-traded REIT its second Houston asset.
West Loop I & II is a two-building, multi-tenant office complex located on the east side of Loop 610, three miles west of Houston's central business district and equidistant from the mixed-use destinations of The Galleria and Greenway Plaza.
West Loop I is an eight-story building containing 169,536 rentable square feet, while West Loop II offers 144,337 rentable square feet in seven stories. The 5.6-acre property has benefited from nearly $4 million in recent capital improvements, including elevator and public space modernizations, and upgrades to the adjacent eight-story parking garage containing 982 spaces. A surface parking lot offers capacity for another 96 vehicles.
"West Loop I & II is a top-quality, strategically located asset for KBS Strategic Opportunity REIT," said Jeff Rader, vice president of KBS Capital Advisors. "It represents a significant addition to our portfolio in Houston, a city we believe will continue to outperform the rest of the country in the foreseeable future."
Along with West Loop I & II, KBS-affiliated companies own five other Houston-area assets totaling an aggregate of more than 1.6 million rentable square feet, including 1800 West Loop South, a 400,101-square-foot office building; and four other properties in which KBS Strategic Opportunity REIT does not hold any interest, including Two Westlake Park, a 454,843-square-foot office complex; Clay Crossing, a 222,750-square-foot industrial campus; the 199,091-square-foot Ten West Corporate Center; and the 70,474-square-foot 8300 FM 1960 building.
KBS Strategic Opportunity REIT is a public non-traded real estate investment trust that intends to invest in and manage a diverse portfolio of real estate-related loans, opportunistic real estate, real estate-related debt securities and other real estate-related investments. KBS Strategic Opportunity REIT was sponsored indirectly by Charles J. Schreiber, Jr., Peter Bren, Keith Hall and Peter McMillan III and is advised by KBS Capital Advisors LLC, an affiliated entity which is indirectly owned and controlled by KBS Strategic Opportunity REIT's sponsors.
KBS Capital Advisors is an affiliate of KBS Realty Advisors, a private equity real estate company and SEC-registered investment advisor founded in 1992. Since its inception, KBS Realty Advisors and its affiliated companies have completed transactional activity of approximately $25 billion via 14 separate accounts, six commingled funds, five sovereign wealth funds and five non-traded REITs. For information, visit www.kbscapital.com.
This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including KBS Strategic Opportunity REIT's ability to invest in and manage a diverse portfolio, the performance of West Loop I & II and the performance of the Houston real estate market. These statements are subject to known and unknown risks, uncertainties and other factors which may cause KBS Strategic Opportunity REIT's or West Loop I & II's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.