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KBS Strategic Opportunity REIT Signs 60,000 SF in Leases at West Loop I & II in Houston

KBS Strategic Opportunity REIT, a publicly registered non-traded real estate investment trust, signed nine leases totaling 60,227 square feet at West Loop I & II in Houston with tenants in the medical and financial industries. Bellaire Dermatology and Eye Center of Texas signed the two largest leases, at 16,334 square feet and 15,120 square feet, respectively.

The REIT originally purchased the property in December 2012 for $36.3 million.

Located in the Bellaire submarket three miles west of Houston’s central business district, West Loop I & II is a Class A, two-building office complex with 314,000 rentable square feet. It sits on a 5.6-acres and includes an 8-story parking garage, a deli, a park and on-site security.

“We believe that West Loop I & II’s location and accessibility to the Galleria, the Medical Center and downtown Houston are appealing to current and prospective tenants. KBS is pleased to have great companies choosing to locate at West Loop I & II and many remain loyal KBS tenants” said David Moore, senior vice president at KBS.

KBS Strategic Opportunity REIT, which went effective in November 2009 and closed in November 2012, raised $561.7 million in its primary offering and has sold $49.4 million in DRIP shares, according to the most recent quarterly filing with the Securities and Exchange Commission.

The REIT owns 26 office properties, one retail property, two multifamily properties, two investments in undeveloped land totaling 1,670 acres, one first mortgage loan and two investments in unconsolidated joint ventures.

KBS Capital Advisors is the external advisor to KBS Real Estate Investment Trusts, and is an affiliate of KBS Realty Advisors, a private equity real estate company and SEC-registered investment adviser founded in 1992. Since its inception, KBS-affiliated companies have completed transactional activity in excess of $31.5 billion via 14 separate accounts, six commingled funds, five sovereign wealth funds and six non-traded REITs.

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