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Monday, 29 June 2020

KBS REIT II Sells 2 San Jose, Calif., Offices for $95Mln

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Commercial Real Estate Direct Staff Report

KBS REIT II Inc. has sold two office buildings with a total of 142,710 square feet in San Jose, Calif., for $95 million, or $665.69/sf.

The Newport Beach, Calif., non-traded-REIT, which last year adopted a plan of liquidation, sold the buildings at 100 Headquarters Drive and 200 Holger Way to EXAN Group of Miami, which is receiving $32.3 million of credits from KBS to cover the cost of tenant improvements and lease incentives. The sales price resulted in a 5.55 percent capitalization rate.

The buildings are part of the District 237 office campus that KBS had bought in 2013, when it was known as the Corporate Technology Centre. The company sold three of the complex' eight buildings in 2018 and renamed it District 237.

KBS brought 100 Headquarters and 200 Holger to the sales block in April, before shelter-in-place orders stemming from the coronavirus pandemic were put in place. They were offered through CBRE's northern California capital markets team....





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Additional Info

  • Syndicate to Realpoint: No
  • Cities: San Jose
  • States: California
  • Sector: Office
  • Subject: Property Acquisitions (ACQ)
  • Company: KBS Realty Advisors
  • Valuation: Between $50 million and $100 million
  • Private: Yes
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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

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