KBS continues buying spree, acquires West Loop I & IIKBS continues buying spree, acquires West Loop I & IIhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=87502012-12-14T09:34:00Z2012-12-14T00:00:00Z

HOUSTON - KBS Strategic Opportunity REIT Inc. has added the two-building, 313,873-sf West Loop I & II office complex to its Houston portfolio. The purchase price of the buildings was $36.3 million.

The former owner of the office buildings, at 6565 West Loop S. and 6575 West Loop S., was Chase Merritt West Loop LLC.

West Loop I is an eight-story building containing 169,536 rentable sf, while West Loop II offers 144,337 rentable sf in seven stories.

The 5.6-acre property received $4 million in recent capital improvements, including elevator and public space modernizations and upgrades to the adjacent eight-story parking garage.

West Loop I & II were built in 1981 and 1980, respectively, and are currently 77 percent leased to 52 tenants. The current weighted-average remaining lease term is 3.3 years and the current weighted-average annual rental rate over the remaining lease term is $21.06 per sf.

KBS recently acquired 1800 West Loop South for $68.3 million.

Read more at GlobeSt.com.

Houston-The Woodlands-Sugar Land
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