LOS ANGELES, Sept. 7, 2021 /PRNewswire/ -- Pacific Oak Capital Advisors, LLC, the asset manager for Keppel Pacific Oak US REIT (KORE), an office REIT listed on the main board of the Singapore Exchange Securities Trading Limited (SGX-ST), announced today the acquisition of two fully leased office properties in Nashville and Denver. The properties were acquired for $105.1 million in two separate transactions and bring the REIT's portfolio to 15 office buildings and business campuses across nine key growth markets.
"Nashville and Denver are key growth markets with positive economic and office fundamentals, as well as significant tech investments," said Jeff Rader, executive vice president of Pacific Oak Capital Advisors. "The strategic addition of two quality assets in some of the country's strongest markets reinforces our approach and drive to pursue long-term value that will support KORE's growth and strengthen distributions to unitholders."
105 Edgeview, is a Class A, 186,231-square-foot office building located at the southeast entrance of the technology-centric Interlocken Business Park, one of the most dynamic submarkets in the Denver-Metro area. The $59.1 million property is certified LEED Platinum and boasts hyper-efficient floorplates and high-efficiency solar panels that produce approximately 10% of the building's electrical power needs and dramatically improve energy savings. The building is headquarters for Gogo Business Aviation, the leading inflight internet and entertainment provider.
The second property, Bridge Crossing, is a three-story, Class A office building located in Brentwood, Tennessee that was purchased for $46 million. The fully leased 199,194-square-foot building recently underwent a multi-million-dollar renovation of the lobby, elevators and common areas. Comdata, which is a part of FLEETCOR Technologies, is an anchor tenant operating with a long-term.
The acquisitions were funded through a combination of debt financing and an over-subscribed private placement offering that raised gross proceeds of approximately $65 million.
KORE's strategy is to principally invest in a diversified portfolio of income-producing commercial assets and real estate-related assets in key growth markets across the United States. Its portfolio comprises a balanced mix of commercial assets with a diversified tenant base led by tenants in the growth and defensive sectors such as technology, as well as medical and healthcare.
As of June 30, 2021, KORE's portfolio was 91% occupied with more than 400 tenants. With the latest acquisitions, the REIT owns 15 commercial properties in Atlanta; Seattle; Denver; Dallas; Houston; Austin, Texas; Sacramento, California; Orlando, Florida; and Nashville, Tennessee.
About Pacific Oak Capital Advisors
Pacific Oak Capital Advisors is an alternative investment company that sponsors and manages quality real estate-based investment opportunities for clients of financial advisors and registered investment advisors as well as institutional investors. Formed in 2018, the company is advisor to Pacific Oak Strategic Opportunity REIT and Keppel-Pacific Oak REIT, and sponsor to numerous private real estate investment programs. In total, Pacific Oak Capital Advisors and its affiliated companies currently manage a diverse portfolio of real estate valued in excess of $4 billion. For additional information, please visit PacificOakCapitalAdvisors.com.
About Keppel Pacific Oak US REIT
Keppel Pacific Oak US REIT (KORE) is a distinctive office REIT listed on the main board of the Singapore Exchange Securities Trading Limited (SGX-ST). KORE's investment strategy is to principally invest in a diversified portfolio of income-producing commercial assets and real estate-related assets in key growth markets of the United States with positive economic and office fundamentals. For additional information, please visit koreusreit.com/.
Original Article on prnewswire.com