Calif. REIT buys Houston’s 1800 West Loop South

HOUSTON – KBS Strategic Opportunity REIT Inc. has acquired 1800 West Loop South, a 21-story office tower on 1.9 acres in the Galleria area. The purchase price of the 1800 West Loop Building was approximately $68.5 million plus closing costs.

The 400,101-sf tower was built in 1982, renovated in 2005 and was 88 percent leased to 40 tenants at the time of acquisition.

The current weighted-average remaining lease term for the tenants is approximately 4.5 years and the current weighted-average annual rental rate over the remaining lease term is $24.96 per sf. The current aggregate annual effective base rent is approximately $6.7 million.

KBS affiliates also own Ten West Corporate Center, a 199,001-sf office building in the Katy Freeway/Energy Corridor submarket; Two Westlake Park, a 454,843-sf complex; Clay Crossing, a 222,750-sf industrial campus; and 8300 FM 1960, a 70,474-sf building.

Read more at the Houston Business Journal.