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KBS Growth & Income REIT to buy Oregon property for $69M

KBS Growth &Income REIT Inc. struck a deal with Unico Investment Group LLC unitUPI Commonwealth LLC to purchase a 14-story class A office building containing 216,099rentable square feet in Portland, Ore.

The contractual purchase price of the property is approximately$69.0 million, plus closing costs. The company said in a filing that it plans tofinance the deal with proceeds from the primary portion of its now-terminated privateoffering and proceeds from a mortgage loan from an unaffiliated lender. It is negotiatingthe terms of the mortgage loan.

As of May 1, the building was roughly 94% leased to 25 tenants.The current aggregate annual effective base rent for the tenants is approximately$4.8 million.

The current weighted average remaining lease term for the tenantsis approximately 3.8 years, while the current weighted average rental rate overthe remaining lease term is $25.52 per square foot.