On July 2, 2012, the $15,750,000 mortgage loan was purchased at a discounted price of $8 million. As this is a non-performing loan, KBS Strategic Opportunity REIT does not expect to receive repayment of the entire principal balance.
Primera Court I and Primera Court II are twin, 31,840-square-foot buildings located in Lake Mary, Fla., 20 miles north of downtown Orlando. The buildings were completed in 1999 and 2000, respectively, and offer easy access to Interstate 4 and State Roads 417, 419 and 427.
The third building in the portfolio is the 42,992-square-foot University Court, situated blocks from the University of Central Florida campus in the University submarket of Orlando. The two-story building was developed in 2001 and is near State Roads 417, 408 and 50.
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.
About KBS
KBS is 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 in excess of $22.4 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 Primera/University Court'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.
© Marketwire 2012
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