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1/13/14
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Kilroy Realty Corporation has sold 13 San Diego office properties in two tranches for total gross proceeds of approximately $327 mil. The portfolio included 1.1 msf of space and was approximately 91% leased.
As part of the company’s capital recycling strategy, the company will reinvest the proceeds into its expanding West Coast office development program and other potential acquisition opportunities.
One of the buildings, at 4910 Directors Place, sold in a December 2013 transaction. The other 12 office buildings were purchased free and clear of debt in early January 2014 by Starwood Capital Group Global, a leading private investment firm based in Greenwich, Connecticut. Those buildings are located at 10020 Pacific Mesa Blvd, 6055 Lusk Ave, 5010 and 5005 Wateridge Vista Dr, 15435 and 15445 Innovation Dr, and 15051, 15073, 15231, 15253, 15333 and 15378 Avenue of Science.
Nick Psyllos, Ryan Gallagher and Michael Leggett of HFF represented Kilroy in the sale to Starwood. HFF’s Tim Wright, Don Curtis and Aldon Cole arranged a variable-rate acquisition loan on behalf of the buyer through Wells Fargo Bank and CIBC as the senior lenders and Goldman Sachs as the mezzanine lender.
"The sales price reflects strong investor demand for well-located, high quality properties,” said John Kilroy, Jr, chairman, president and CEO of Kilroy Realty. “The successful transaction demonstrates our team’s ability to execute on our core investment philosophy and create meaningful value in each part of the real estate investment cycle.”
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