BURBANK, CA--(Marketwire - Dec 19, 2012) - KBS Strategic Opportunity REIT, Inc. (KBS Strategic Opportunity REIT), a public non-traded real estate investment trust headquartered in Newport Beach, Calif., has participated as a majority joint venture partner in the acquisition of The Burbank Collection, a 39,428-square-foot retail property in Burbank, Calif., 11 miles north of downtown Los Angeles in Southern California's San Fernando Valley.
Situated off Interstate 5 within the Burbank Entertainment Village, a six-block entertainment, retail and residential district, The Burbank Collection was developed in 2008 and encompasses 12 retail units including several larger retail spaces and an anchor space, and a 487-space, below-grade parking structure. The complex is leased to 11 tenants, including Pinkberry, Barney's Beanery, Verizon and Panera Bread. KBS Strategic Opportunity REIT is currently seeking a tenant for the large anchor space.
"The Burbank Collection is very attractive to us thanks to Burbank's continued growth as a base of operations for the entertainment industry," said Jeff Rader, vice president of KBS Capital Advisors LLC. "The major movie studios, TV and radio production facilities in the city will continue to support a healthy employment base and an accompanying need for retail."
KBS Strategic Opportunity REIT is a public non-traded real estate investment trust that 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-affiliated companies have completed transactional activity of approximately $25 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. These statements are subject to known and unknown risks, uncertainties and other factors which may cause KBS Strategic Opportunity REIT's or The Burbank Collection'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.