FOLSOM, CA—KBS Strategic Opportunity Real Estate Investment Trust, Inc. (KBS Strategic Opportunity REIT), a public, non-traded real estate investment trust headquartered in Newport Beach, CA., has finalized a new, 23,761-square-foot lease with CorVel Corporation at its 210,905-square-foot Iron Point Business Park complex in Folsom, CA, 24 miles northeast of downtown Sacramento. KBS acquired the 15.7-acre campus in 2011 and has since signed more than 120,000 square feet in leases, increasing property occupancy from 38 to 62 percent.

CorVel, a national healthcare manager headquartered in Irvine, CA, will consolidate its Rancho Cordova, CA, and Gold River, CA, offices into a single location on the third floor of Building 1180 of Iron Point Business Park. Cresa's Robin Wherritt in Newport Beach, CA, represented CorVel in the lease negotiations, while Kris Reilly, Tom Walcott and Scott Bennett of Colliers International in Sacramento represented KBS.

Iron Point Business Park is a high-profile, five-building office complex situated along Highway 50 in Folsom, considered one of the region's most desirable submarkets for commercial and residential space. The five-building campus includes twin one-story and two-story buildings built in 1999, and a three-story structure completed in 2001. In 2012, KBS upgraded the complex by expanding the onsite fitness and conference centers, and adding a 1,000-square-foot executive lounge.