KBS Growth & Income REIT, Inc.: M&A transaction — KBS Growth & Income REIT sells Chicago office property for $17M, repays $16.2M debt

KBS Growth & Income REIT, Inc.

Sold Institute Property (155,385 sq ft office building) for $17.0M, before ~$0.5M closing costs and $0.3M security deposit obligations transferred.
Net proceeds used to repay $16.2M principal on Modified Term Loan; property released as security.
Purchaser CP 213 Institute, LLC is an affiliate of Coastal Partners, unaffiliated with the company or advisor.
Pro forma net assets unchanged at $990K; company remains on liquidation basis accounting.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

KBS Growth & Income REIT, Inc. completed a disposition involving CP 213 Institute, LLC, an affiliate of Coastal Partners, LLC for $17.0 million (closed 2023-11-30).

Action: disposition
Counterparty: CP 213 Institute, LLC, an affiliate of Coastal Partners, LLC
Consideration: $17.0 million
Closing: 2023-11-30

Exact text from the filing

On November 30, 2023, the Company completed the sale of the Institute Property for $17.0 million, before third-party closing costs and prorations of approximately $0.5 million and security deposit obligations transferred to the Purchaser of $0.3 million.

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Source: SEC EDGAR

accession 0001631256-23-000047

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