KBS Strategic Opportunity REIT Sells LA Office Building for $16.4 Million
We are pleased to announce that KBS Strategic Opportunity REIT (the “REIT”) completed the sale of 1635 N. Cahuenga Boulevard on March 11, 2015 for $16.4 million. The total cost of the property was approximately $9.1 million. KBS Strategic Opportunity REIT purchased the six-story multi-tenant office building containing 34,666 rentable square feet in the Hollywood area of Los Angeles on August 3, 2011, through a joint venture in which the REIT owns 70%. Under its ownership, the REIT increased occupancy from 42 percent to 77 percent by upgrading the elevators, lobby, garage entrance and outdoor lounge space. The property includes a wide array of creative amenities that cater to Hollywood tenants including exposed ceiling treatments, hardwood and concrete flooring, common area kitchens, multiple lounges, a commercial film screening room with luxury seating, a state-of-the-art recording studio, and private parking.
To view the SEC filing, CLICK HERE »
We look forward to bringing you more positive news in regards to KBS Strategic Opportunity REIT over the next several months. We will be hosting an update meeting with KBS in early May to bring investors up to speed on the progress of their strategies. To learn more, please contact the South Coast Office.
For informational purposes only. This is neither an offer to sell nor a solicitation of an offer to buy shares of KBS Strategic Opportunity REIT; the primary offering for KBS Strategic Opportunity REIT closed effective November 20, 2012. Offering is only made by prospectus (www.kbsreits.com). This information must be preceded or accompanied by a prospectus in order to understand fully all of the implications and risks of the offering. Neither the Attorney General of the State of New York nor any other state regulators have passed on or endorsed the merits of this offering. Any representation to the contrary is unlawful.
Investing in KBS Strategic Opportunity REIT includes significant risks. These risks include, but are not limited to: the possibility of losing your entire investment; no guarantees regarding future performance; upon sale or distribution of assets you may receive less than your initial investment; fluctuation of the value of the assets owned by KBS Strategic Opportunity REIT; lack of a public market for shares of KBS Strategic Opportunity REIT; limited liquidity; limited transferability; reliance on KBS Capital Advisors LLC, the REIT’s advisor, to select, manage and dispose of assets; payment of significant fees; and various economic factors that may include changes in interest rates, laws, operating expenses, insurance costs and tenant turnover. Shares of KBS Strategic Opportunity REIT are not suitable for all investors.