Los Angeles, CA, February 5, 2020 – Kingsbarn Real Estate Capital (“Company” or “Kingsbarn”) announced the signing of a new lease at Foothill Corporate Centre I, an 83,218 sq. ft., Class-A, office property located in the master-planned community of Foothill Ranch. The tenant, Biolase Inc., (NASD: BIOL), is a medical device company, develops, manufactures, markets, and sells laser systems in dentistry and medicine for patients and health care professionals worldwide.
This new lease, comprising 11,936 sq. ft., will bring the property occupancy to 95%. The lease, which has a term of sixty-six (66) months, specifies annual rental increases of three percent (3%).
“Our goal is to create value for our investors, and we believe that the signing of this new lease does just that,” stated Jeff Pori, CEO of Kingsbarn Real Estate Capital. Other tenants at the property include Rockwell Automation, Edward Jones Investments, Eagle Credit Union, Goodman Insurance, Proactive Engineering, and ExoAnalytic Solutions.
Kingsbarn intends to allow 1031-exchange investors to invest in the property through its Delaware Statutory Trust (DST) investment program which is only available to California residents. National Asset Services (NAS), a national property and asset management firm based in Los Angeles, serves as the manager for the property. This structure is ideal for investors who want the benefits of owning real property, but don’t want the burden of day-to-day property management.
Kingsbarn has acquired over $250 million of office and medical properties in California over the past three years. Foothill Corporate Centre is the fifth southern California office property acquired by Kingsbarn in the past year.
About Kingsbarn Realty Capital
Kingsbarn Real Estate Capital is a subsidiary of Kingbarn Realty Capital, a real estate private equity firm focused on acquiring high-quality property assets located throughout the United States. Kingsbarn structures its real estate investment opportunities for both fractional 1031 investors as well as customized portfolio solutions for large scale investors seeking single allocations. Kingsbarn’s management team has extensive experience developing, managing, and sponsoring a diverse array of stabilized, income-driven properties. The Kingsbarn management team has over 100 years of combined real estate experience and has acquired over $6 billion of commercial real estate throughout the United States.
This is not an offer. An offer will only be made pursuant to the delivery of the required offering documents, including the private placement memorandum, as supplemented or amended (the “Memorandum”) and only in states in which the securities offered pursuant to the Memorandum are registered or exempt from registration requirements, and only by broker-dealers authorized to do so. This information discusses general information about the portfolio and is not a guarantee, prediction or projection of future performance. Diversification does not protect against loss or guarantee return. There are risks associated with investing in real estate assets, such as inflation, interest rates, real estate tax rates, changes in the general economic climate, local conditions such as population trends and neighborhood values, and supply and demand for similar property types. Investing in DSTs and 1031 exchanges involves significant tax consequences. Please refer to the Memorandum for detailed information about the offering and its associated risks and implications.
This press release may contain forward-looking statements identified by the use of words such as “outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release. Kingsbarn assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events or circumstances.