KBS Strategic Opportunity REIT Inc., through a subsidiary, bought the 522,656-rentable-square-foot Marquette Plaza in Minneapolis for $88.4 million plus closing costs.
The diversified real estate investment trust used cash on hand to fund the acquisition of the 70%-leased office building, which sits on 2.5 acres of land. KBS may, however, secure debt financing eventually, according to a filing.
