Friday, 04 September 2015
Commercial Real Estate Direct Staff Report
KBS Realty Advisors, an investment manager with a substantial presence in the non-traded REIT business, is aiming to raise $105 million for KBS Growth & Income REIT Inc.
The Newport Beach, Calif., company is raising the capital through its KBS Capital Markets Group affiliate, which will earn a 6.5 percent selling commission.
The latest REIT is similar, in most regards, to KBS’ earlier non-traded entities. But instead of setting a $10 sales price for its shares, KBS is selling shares for $10,000 each. In addition, the offering is not public. Shares are being pitched to a small subset of the investor universe that typically is targeted by other KBS offerings.
KBS Growth already has made an investment, buying the 101,161-square-foot Von Karman Tech Center in Irvine, Calif., that’s fully leased to Hosting, a database-services company.
KBS was founded by Peter Bren and Charles Schreiber in 1992. Since then, it has completed some $32 billion of transactions through 14 separate accounts, six commingled funds and six non-traded REITs.
The time (at Blue Vault's 2nd Annual Broker Dealer Educational Summit) proved extremely informative.