SAN DIEGO—KBS Real Estate Investment Trust II, Inc. has sold its Torrey Reserve West property to the California State Teachers' Retirement System, (CSTRS) for $39.2 million.
The property, which KBS purchased for its KBSII Torrey Reserve West, LLC in 2010, includes three two-story office buildings containing 118,030 rentable square feet located on approximately 7.1 acres of land.
The sale to CSTRS closed on Thursday. At closing, KBS repaid $16.8 million of the outstanding principal balance due under a portfolio mortgage loan, which was partially secured by Torrey Reserve West, according to regulatory filings.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
