KBS Strategic Opportunity REIT II to Buy California Office Building for $51.1 Million
KBS Strategic Opportunity REIT II Inc., a publicly registered non-traded real estate investment trust, signed an agreement to purchase Lincoln Court, a class A office building in Campbell, California, for $51.1 million plus closing costs.
Lincoln Court is a 123,500-square-foot, three-story building that sits on approximately 4.2 acres. Amenities include a courtyard with outdoor seating, a conference room, and showers and locker rooms. The property, which was built in 1985, has been consistently renovated and is 98 percent leased to 34 tenants. The current weighted-average remaining lease term for the tenants is approximately two years.
The REIT made a $1 million deposit towards the purchase of the property.
KBS Strategic Opportunity REIT II intends to invest in a portfolio of real estate-related loans, opportunistic real estate, real estate-related debt securities and other related investments located in the United States and Europe. The REIT went effective in August 2014 and has raised $74.1 million in investor equity since inception, according to the most recent Stanger Market Pulse. As of December 31, 2015, the REIT owned two hotel properties, one office property and had originated a first mortgage loan.