KINGSBARN ACQUIRES SOUTHERN CALIFORNIA OFFICE PORTFOLIO
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.
This is not an offer. An offer will only be made pursuant to the delivery of the required offering documents, including the private placement memorandum, as supplemented or amended (the “Memorandum”) and only in states in which the securities offered pursuant to the Memorandum are registered or exempt from registration requirements, and only by broker-dealers authorized to do so. This information discusses general information about the portfolio and is not a guarantee, prediction or projection of future performance. Diversification does not protect against loss or guarantee return. There are risks associated with investing in real estate assets, such as inflation, interest rates, real estate tax rates, changes in the general economic climate, local conditions such as population trends and neighborhood values, and supply and demand for similar property types. Investing in DSTs and 1031 exchanges involves significant tax consequences. Please refer to the Memorandum for detailed information about the offering and its associated risks and implications.
This press release may contain forward-looking statements identified by the use of words such as “outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release. Kingsbarn assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events or circumstances.