KBS has debuted an online platform named KBSDirect.com, which provides accredited investors and advisers the opportunity to invest directly in KBS Growth & Income REIT, which has no load or upfront fees. The nontraded REIT targets well-located institutional-quality assets in markets with strong population and job growth.
“The innovative structure of KBS Growth & Income REIT offered on KBSDirect.com ensures that 100 percent of the investor’s capital will be invested directly into the REIT,” said Chuck Schreiber, KBS CEO. “KBSDirect.com is consistent with our 25-year commitment to deliver investment products that are aligned with the best interests of our investors and that capitalize on our deep expertise and established track record in local real estate markets nationwide. KBS, a national real estate company, will be one of the first institutional-grade sponsors to offer investors and advisers the opportunity to invest directly, through KBS’ online portal, in real estate investments similar to those that have been made available to KBS institutional investors for more than 25 years. These include public pension funds, corporate pension funds and sovereign wealth funds.”
In addition, KBS Growth & Income REIT has acquired 213 West Institute Place, a converted loft office building, located in the River North submarket of Chicago. The seller and sales price were not disclosed.
The acquisition is the fourth well-located, class A office building within the KBS Growth & Income REIT. Other assets are located in Irvine, Calif.; Houston; and Portland, Ore.
213 West Institute Place consists of 155,454 square feet of rentable space and recently underwent a complete renovation, including a roof replacement, lobby renovation, corridor upgrades, new fire panel and the installation of freight elevators. 213 West Institute Place also has a 32-stall parking lot.