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KBS Strategic Opportunity REIT to acquire Calif. office tower for $169.5M

KBS Strategic OpportunityREIT Inc. has agreed to buy an office building in San Francisco for$169.5 million plus closing costs.

The company said it will use proceeds from its recently completedIsraeli series A debenture offeringand a mortgage loan to finance the transaction.

Built in 1982, the 353 Sacramento property comprises 284,751rentable square feet and sits on about 0.35 acre of land. It is 87%-leased by 25tenants, with a roughly 2.2-year weighted-average remaining lease term.

The company signed the deal May 9 with Pacific EIH SacramentoLLC as the seller, according to a filing.

The REIT in late April said it is acquiring a portfolio of 21 office/flex/industrial buildingsin Redmond, Wash.