Los Angeles, CA, February 5, 2020 –
Kingsbarn Real Estate Capital (“Company” or “Kingsbarn”) announced the signing of a new lease at Foothill Corporate Centre I, an 83,218 sq. ft., Class-A, office property located in the master-planned community of Foothill Ranch. The tenant, Biolase Inc., (NASD: BIOL), is a medical device company, develops, manufactures, markets, and sells laser systems in dentistry and medicine for patients and health care professionals worldwide.
This new lease, comprising 11,936 sq. ft., will bring the property occupancy to 95%. The lease, which has a term of sixty-six (66) months, specifies annual rental increases of three percent (3%).
“Our goal is to create value for our investors, and we believe that the signing of this new lease does just that,” stated Jeff Pori, CEO of Kingsbarn Real Estate Capital. Other tenants at the property include Rockwell Automation, Edward Jones Investments, Eagle Credit Union, Goodman Insurance, Proactive Engineering, and ExoAnalytic Solutions.
Kingsbarn intends to allow 1031-exchange investors to invest in the property through its Delaware Statutory Trust (DST) investment program which is only available to California residents. National Asset Services (NAS), a national property and asset management firm based in Los Angeles, serves as the manager for the property. This structure is ideal for investors who want the benefits of owning real property, but don’t want the burden of day-to-day property management.
Kingsbarn has acquired over $250 million of office and medical properties in California over the past three years. Foothill Corporate Centre is the fifth southern California office property acquired by Kingsbarn in the past year.
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 $6 billion of commercial real estate throughout the United States.