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.
The REIT owns 26 office buildings, 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.