WESTMINSTER, Colo.--(BUSINESS WIRE)--KBS Strategic Opportunity REIT, a public non-traded real estate investment trust based in Newport Beach, Calif., has purchased the Westmoor Center, a six-building, Class-A office complex totaling 612,890 square feet in the Denver submarket of Westminster, Colo. KBS Strategic Opportunity REIT purchased the asset for $86 million.
Constructed in 1998-99, Westmoor Center is located halfway between Denver and Boulder, Colo. It was 81 percent occupied at the time of purchase by such tenants as Ball Corporation, Lender Processing Services and Datalogix. An onsite dining and recreation center complements nearby walking and biking trails and the Heritage Golf Course at Westmoor. The six buildings that encompass Westmoor Center are part of the larger, 10-building Ten West at Westmoor Business Park.
Westminster, Colo., benefits from its technological concentration, strong workforce and proximity to Denver, which has an office market that has been a nationwide leader in terms of economic recovery and activity.
The purchase of Westmoor Center boosts the presence of KBS Strategic Opportunity REIT and its affiliated companies in the Denver area, where it now owns six office properties totaling more than 1.7 million rentable square feet, including the 561,691-square-foot Granite Tower in Denver; the 264,194-square-foot Peakview Tower in Centennial, Colo.; Denver’s 128,845-square-foot 210 University; the 92,099-square-foot Academy Point Atrium I in Colorado Springs, Colo.; and the 82,320-square foot Crescent VIII in Greenwood Village, Colo. KBS Strategic Opportunity REIT owns Academy Point Atrium I, but does not own any interest in any of these other additional properties.
KBS Strategic Opportunity REIT intends to invest in and manage a diverse portfolio of real estate-related loans, opportunistic real estate, real estate-related debt securities and other real estate-related investments. KBS Strategic Opportunity REIT was sponsored indirectly by Charles J. Schreiber, Jr., Peter Bren, Keith Hall and Peter McMillan III and is advised by KBS Capital Advisors LLC, an affiliated entity which is indirectly owned and controlled by KBS Strategic Opportunity REIT’s sponsors.
KBS Capital Advisors is an affiliate of KBS Realty Advisors, a private equity real estate company and SEC-registered investment advisor founded in 1992. Since its inception, KBS and its affiliated companies have completed transactional activity of approximately $26 billion via 14 separate accounts, six commingled funds, five sovereign wealth funds and five non-traded REITs. For information, visit www.kbscapital.com.
This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), including KBS Strategic Opportunity REIT’s ability to invest in and manage a diverse portfolio, the performance of the Westmoor Center and the performance of the Westminster real estate market. These statements are subject to known and unknown risks, uncertainties and other factors which may cause KBS Strategic Opportunity REIT’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.