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8/04/11
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KBS Strategic Opportunity REIT has foreclosed on and gained ownership of two Sacramento-area business parks totaling more than 324k sf of space. KBS has initiated leasing efforts at each property.
One of the properties is Roseville Commerce Center in Roseville, which contains 113.3k sf in five flex industrial buildings and an additional six acres of partially developed land 18 miles northeast of downtown Sacramento. KBS acquired the non-performing loan, which was secured by the Roseville Commerce Center and had an outstanding principal balance of $14.7 mil at acquisition, for a purchase price of $5.9 mil in September 2010. As of June 30, 2011, the completed buildings in the Roseville Commerce Center were 39 percent occupied.
The other property is Iron Point Business Park, a 211.1k sf, five-building office complex in the northeastern Sacramento suburb of Folsom. KBS acquired the non-performing loan on the property, which had an outstanding principal balance of $25.6 mil at acquisition, for a purchase price of $19.8 mil in March 2011. As of June 21, 2011, Iron Point Business Park was 37 percent occupied.
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, 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.
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