Loop I & II to its collection.
HOUSTON-Shortly after closing its acquisition of 1800 W. Loop South, KBS Strategic Opportunity REIT Inc. added the two, building, 313,873-square-foot West Loop I & II to its Houston portfolio. The transaction provides the Newport Beach, CA REIT with its second Houston asset.
According to the Harris Central Appraisal District, the former owner of the office buildings at 6565 W. Loop South and 6575 W. Loop South was Chase Merritt LP, also in Newport Beach. Both buildings were assessed at just under $30 million.
West Loop I is an eight-story building containing 169,536 rentable square feet, while West Loop II offers 144,337 rentable square feet 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. HFF’s Robert Williamson, Jeff Hollinden and Barbara Guffey represented the seller in its disposition of the 1980s office buildings.
“West Loop I & II is a top-quality, strategically located asset for KBS Strategic Opportunity REIT,” says Jeff Rader, vice president of KBS Capital Advisors in a press release. “It represents a significant addition to our portfolio in Houston, a city we believe will continue to outperform the rest of the country in the foreseeable future.”