UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________
FORM 8-K
__________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 19, 2019
KBS STRATEGIC OPPORTUNITY REIT, INC.
(Exact name of registrant specified in its charter)
______________________________________________________
|
|
|
|
|
|
|
|
|
Maryland
|
|
000-54382
|
|
26-3842535
|
|
(State or other jurisdiction of
incorporation or organization)
|
|
(Commission File Number)
|
|
(IRS Employer
Identification No.)
|
800 Newport Center Drive, Suite 700
Newport Beach, California 92660
(Address of principal executive offices)
Registrant's telephone number, including area code:
(949) 417-6500
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
|
|
|
|
|
|
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
|
None
|
N/A
|
N/A
|
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
o
ITEM 8.01 OTHER EVENTS
On December 12, 2012, KBS Strategic Opportunity REIT, Inc. (the “Company”), through an indirect wholly owned subsidiary, and Goldstein Planting Partners, LLC and its affiliate entered into a joint venture agreement, and on December 12, 2012, the joint venture acquired a Class A retail property containing 39,428 rentable square feet located in Burbank, California (the “Burbank Collection”). The Company owns a 90% equity interest in the joint venture that acquired the Burbank Collection. On July 19, 2019, the joint venture sold the Burbank Collection to a purchaser unaffiliated with the Company or its advisor for $25.9 million before closing costs. The cost of the Burbank Collection was $19.3 million, which includes the initial purchase price of $12.8 million plus capital expenditures and lease commissions since acquisition of $6.0 million and acquisition fees and expenses of $0.5 million.
On July 19, 2019, in connection with the disposition of the Burbank Collection, the Company repaid $10.6 million of the outstanding principal balance due under the Burbank Collection mortgage loan.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KBS STRATEGIC OPPORTUNITY REIT, INC.
|
|
|
|
|
|
Dated: July 25, 2019
|
|
BY:
|
|
/s/ Jeffrey K. Waldvogel
|
|
|
|
|
|
Jeffrey K. Waldvogel
|
|
|
|
|
|
Chief Financial Officer, Treasurer and Secretary
|
|
|
|
|
|
|