KBS Sells Torrey Reserve West in San Diego for $39.2M

A subsidiary of KBS Real Estate Investment Trust II, Inc. has sold Torrey Reserve West in San Diego, CA to a subsidiary of California State Teachers’ Retirement System (CalSTRS) for $39.2 million.

Located at the northwest corner of I-5 and Carmel Mountain Road in the Sorrento Valley/Carmel Valley area, Torrey Reserve West consists of three two-story office buildings containing 118,030 rentable square feet on 7.1 acres of land.

KBS Real Estate Investment Trust II acquired Torrey Reserve West on September 9, 2010 for $28.8 million, which includes the initial purchase price of $27.1 million plus capital expenditures since acquisition of $1.3 million and acquisition fees and expenses of $0.4 million.

In connection with the disposition of Torrey Reserve West, KBS repaid $16.8 million of the outstanding principal balance due under a portfolio mortgage loan, which was partially secured by the property.