Pacific Oak sells 454-acre Village 2 in NV to KB Home & Tri Pointe for $195M in two phases

Pacific Oak Strategic Opportunity REIT, Inc.

Phase 1: 212.14 acres for ~$91M closing by July 31, 2024; Phase 2: 242.17 acres for ~$104M closing by July 31, 2025.
Buyer to make $10M total deposit ($2M initial, $8M after due diligence); deposit released to Company at Phase 2 closing.
Closing conditions include city approval of entitlement modifications, completion of Required Infrastructure Work, and termination of deeds of trust.
Portions of Village 2 (209.14 acres in Phase 1, 144.98 in Phase 2) were pledged as collateral for 2023 Series C bond offering to Israeli investors.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Pacific Oak Strategic Opportunity REIT, Inc. entered into Purchase and Sale Agreement and Joint Escrow Instructions with KB Home Las Vegas, Inc. and Tri Pointe Homes Nevada, Inc. valued at approximately $195 million (effective 2024-03-10).

Action: entry
Agreement: asset purchase
Counterparty: KB Home Las Vegas, Inc. and Tri Pointe Homes Nevada, Inc.
Value: approximately $195 million
Effective: 2024-03-10

Exact text from the filing

On March 10, 2024, Pacific Oak Strategic Opportunity REIT, Inc. (the “Company”), through two indirectly wholly-owned subsidiaries, entered into a Purchase and Sale Agreement and Joint Escrow Instructions (the “Agreement”) for the sale of 454.31 gross acres of land (“Village 2”) located in the City of North Las Vegas, Nevada to KB Home Las Vegas, Inc. and Tri Pointe Homes Nevada, Inc. (collectively, the “Buyer”), subject to certain closing conditions.

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Source: SEC EDGAR

accession 0001452936-24-000021

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