Southern California Office Portfolio
19191 South Vermont Avenue, Torrance, CA 90502
KBS REIT has purchased two mezzanine loans totaling $175 million for the Southern California Office Portfolio. These loans were purchased at a discount to the $175 million par value.
The Southern California Office Portfolio includes 4.55 million square feet within 60 buildings distributed throughout Los Angeles, Ventura, Orange and San Diego counties. The properties were acquired by the borrower in July 2007 for $1.51 billion including financing of $1.35 billion. An additional financing commitment of $160 million was pledged to fund future capital expendi- tures, tenant improvements and debt service shortfall.
Investment at a Glance
Location: LA/Ventura/Orange/San Diego
Property Type: Office
Investment Type: 2 Mezzanine Loans
Acquisition Date: January 30, 2008
Loan Par Value: $175,000,000
Loan Term: 19 months
No. of Properties: 33 properties, 60 buildings
Leased Percentage (at the time of Acquisition): 89.1%