SOURCE: KBS Strategic Opportunity REIT II

KBS Strategic Opportunity REIT II

May 24, 2016 11:57 ET

KBS Strategic Opportunity REIT II Acquires Lincoln Court in Silicon Valley

CAMPBELL, CA--(Marketwired - May 24, 2016) -  KBS Strategic Opportunity REIT II, a non-traded real estate investment trust based in Newport Beach, announced today the acquisition of Lincoln Court, a 123,529-square-foot, Class A, three-story office building, for $51.5 million. The property is located at 2105 South Bascom Avenue in Campbell, a suburb of San Jose within Silicon Valley's West Valley.

Currently 98 percent leased, Lincoln Court was recently renovated, offering an updated lobby, interior finishes, and a courtyard with Wi-Fi, a fountain and several seating areas. The property offers a two-level parking structure with 474 parking spots and a 3.8/1,000-square-foot parking ratio.

Lincoln Court is conveniently located near public transportation, as well as Highway 17, connecting to Highway 85, Interstates 280 and 880 and Route 1. The property is also situated 10 minutes from San Jose International Airport and one block from Pruneyard, a 250,000-square-foot lifestyle center. Tenants can easily access downtown Campbell less than a mile from Lincoln Court, providing many shopping and dining options.

"Lincoln Court's prime location within the West Valley submarket coupled with its proximity to nearby amenities make it an attractive offering for tenants," said Michael Potter, vice president and asset manager at KBS. "We believe that the property's offerings and the high demand for office space in Silicon Valley will make Lincoln Court a strong addition to the KBS Strategic Opportunity REIT II portfolio."

Silicon Valley is home to the largest concentration of technology expertise in the world and provides access to venture capital, a strong workforce, prominent universities for recruiting, and a variety of housing options.

About KBS
KBS Capital Advisors is the external advisor to KBS Real Estate Investment Trusts (REITs), and is an affiliate of KBS Realty Advisors, a private equity real estate company and SEC-registered investment adviser founded in 1992. Since its inception, KBS-affiliated companies have completed transactional activity in excess of $31.5 billion via 14 separate accounts, six commingled funds, five sovereign wealth funds and seven non-traded REITs. For information, visit www.kbs.com.

This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including KBS Strategic Opportunity REIT II's ability to invest in and manage a diverse portfolio, the performance of Lincoln Court and the performance of the Campbell real estate market. These statements are subject to known and unknown risks, uncertainties and other factors which may cause KBS Strategic Opportunity REIT II'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.

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Contact Information

  • Media Contact:
    Janelle Joseph
    Prosek Partners for KBS
    (212) 279-3115, ext. 119
    jjoseph@prosek.com