Del Mar, CA, October 15, 2018
– Kingsbarn Real Estate Capital (“Company” or “Kingsbarn”) announced the closing of the final two properties of a four-property portfolio purchased from a joint venture led by Hines Interests. Kingbarn acquired the properties for $57.3 million. The 285,644 square foot portfolio was 93% leased and occupied by top-tier tenants, including CalPERS, Health Net California, Union Bank, Northrop Grumman, Regus, and California DMV.
“Tri City Corporate Centre is a beautiful corporate park with great transportation and many nearby amenities,” said Jeff Pori, CEO of Kingsbarn Realty Capital. “This location along the I-10 freeway serves as a central hub of business activity within a radius that includes Loma Linda, Redlands, and San Bernardino.” “This is a very strategic acquisition for us.”
Kingsbarn intends to allow 1031-exchange investors invest in the properties through its Delaware Statutory Trust (DST) investment program. This program is only available to California residents. National Asset Services (NAS), a national property and asset management firm based in Los Angeles, will serve as the property and asset manager for the portfolio.
The purchase of the Tri City Corporate Centre is the 16th property acquisition for Kingsbarn in 2018.The company has acquired over $240 million of office and healthcare-related properties throughout the U.S. over the past two years.
About Kingsbarn Realty Capital
Kingsbarn Real Estate Capital is a subsidiary of Kingbarn Realty Capital, a real estate private equity firm focused on acquiring high-quality property assets located throughout the United States. Kingsbarn structures its real estate investment opportunities for both fractional 1031 investors as well as customized portfolio solutions for large scale investors seeking single allocations. Kingsbarn’s management team has extensive experience developing, managing, and sponsoring a diverse array of stabilized, income-driven properties. The Kingsbarn management team has over 100 years of combined real estate experience and has acquired over $10 billion of commercial real estate throughout the United States.