KBS Strategic Opportunity REIT is participating as a 90% equity partner in the joint venture (JV), which has acquired a portfolio of five class B+/B/B- office buildings containing 728,857 rentable square feet and 43 acres of undeveloped land in Richardson, Texas. The transaction is a direct equity purchase from the seller, with financing from the seller’s current lender. The total purchase price of $44.5 million was partially funded by debt financing in the amount of $29.5 million.
The office portfolio is currently 49% occupied with a current weighted-average rental rate of $18.20 per square foot over the remaining lease term. The five office buildings are located within the Richardson submarket of Dallas. All of the assets are situated in prime locations near the intersection of US-75 Central Expressway and President George Bush Turnpike.
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