SOURCE: KBS Capital Advisors
BELLEVUE, WA--(Marketwire - Aug 2, 2012) - KBS Strategic Opportunity REIT, a public non-traded real estate investment trust based in Newport Beach, Calif., has acquired QBE Corporate Campus, formerly Unigard Park, a sprawling, 46-acre office park in Bellevue, Wash., 11 miles east of downtown Seattle. The purchase price was $78,700,000. KBS will immediately rebrand the property to Bellevue Technology Center.
QBE Corporate Campus comprises nine Class A/B buildings offering 326,384 square feet of office space in the heart of the SR-520 Overlake submarket, half a mile south of Microsoft headquarters, with easy access to SR-520, I-405 and I-90, as well as downtown Bellevue and Redmond. Developed between 1973 and 2000 in multiple phases, six QBE Corporate Campus buildings were renovated and modernized between 2001 and 2006.
The landscaped campus features a 576-unit underground parking garage, versatile conference and meeting spaces and a fitness center with gym, aerobics studio, locker rooms, beach volleyball court and extensive walking trails.
"The acquisition of QBE Corporate Campus demonstrates our intimate knowledge of the local market and ability to identify high-quality assets with untapped potential," said Brian Ragsdale, executive vice president of KBS Capital Advisors. "We've been attracted to both Seattle and QBE Corporate Campus for some time, and consider the property to be a good fit with KBS Strategic Opportunity REIT."
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 is a private equity real estate company and SEC-registered investment advisor founded in 1992. Since its inception, KBS and its affiliated companies have completed transactional activity in excess of $22.5 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. These statements are subject to known and unknown risks, uncertainties and other factors which may cause KBS Strategic Opportunity REIT'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.