KBS Strategic Opportunity REIT Renews Leases of Over 22,000 SF
Public, non-traded real estate investment trust, KBS Strategic Opportunity REIT (Opportunity REIT), recently announced the signing of over 22,000 square feet in lease renewals.
Cheryl Mullin & Associates, a law firm, and National Write Your Congressman, an organization that connects citizens with elected officials, renewed 9,340 square feet and 13,171 square feet respectively at Opportunity REIT’s Richardson Office Portfolio in Richardson, Texas.
“We believe one of Richardson Office Portfolio’s biggest assets is its location in a growing community with access to major freeways and DART rail stations,” commented KBS Senior Vice President David Moore. “We see this as a big draw to keeping great tenants like Cheryl Mullin & Associates and National Write Your Congressman.”
Opportunity REIT owned 12 office properties, several office campuses, 63 acres of undeveloped land, and 1 retail property that in aggregate, contain about 4.6 million rentable square feet, of which 80 percent was occupied as of December 31, 2014. The REIT also owned two apartment properties with 383 units that were 87 percent occupied and 1,670 acres of undeveloped land.
As of December 31, 2014, the cost of Opportunity REIT’s real estate portfolio, net of impairment charges, was $919.3 million. The REIT is closed to new investors.