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KBS Strategic Opportunity REIT Inc., a publicly registered non-traded business development company, entered into an agreement to purchase 353 Sacramento in San Francisco for $169.5 million plus closing costs. The seller, Pacific EIH Sacramento LLC, is not affiliated with the company.
Built in 1982, the class A, 284,800-square-foot office building sits on 0.35 acres of land in the city’s financial district. 353 Sacramento is currently 87 percent leased to 25 tenants, with a weighted-average remaining lease term of approximately 2.2 years.
KBS Strategic Opportunity REIT deposited $1 million towards the purchase of the property.
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 $56 million in DRIP shares, according to the most recent quarterly filing with the Securities and Exchange Commission.
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