Las Vegas, NV, July 6, 2020 – Kingsbarn Realty Capital (“Company” or “Kingsbarn”) announced the acquisition of a +/- 34,000 sq. ft., Class-A, medical office building in Aliso Viejo, California—the heart of the vibrant Orange County region.
“This triple-net leased medical facility is right down the middle of the fairway for us. It checks all the boxes we look for,” stated Jeff Pori, CEO of Kingsbarn Realty Capital. “The property is leased to a single tenant, NeoGenomics, for 15 years.” NeoGenomics Laboratories, Inc. is a publicly traded cancer diagnostics and pharma services company with a market capitalization of $3 billion. “In addition, the lease calls for healthy three percent annual increases to the rental rate.” “In this challenging real estate environment, this type of asset is what investors look for and we are extremely pleased to be able to provide it,” Pori added.
The property has undergone over $3 million in renovations in conjunction with the NeoGenomics lease. NeoGenomics, which is traded on the Nasdaq Stock Exchange under the ticker symbol “NEO”, has over 1,600 employees worldwide and has a network of testing facilities in California, Texas, Tennessee, and Florida—which is where the company is headquartered.
The purchase of the NeoGenomics property, which is located at 51 Columbia, Aliso Viejo, California, marks the sixth commercial property Kingsbarn has acquired since the onset of the Covid-19 virus outbreak.
The Company’s affiliate, Kingsbarn Real Estate Capital, intends to offer interests in the NeoGenomics property as a DST—a separate legal entity that qualifies under Section 1031 as a tax-deferred exchange. This investment structure provides investors with fractional ownership in higher-quality properties to help diversify their investment portfolios. 1031 exchange investors can immediately invest in this offering with a minimum investment of $250,000. There is a total of $11,400,000 of equity available in this offering.
About Kingsbarn Realty Capital
Kingsbarn Realty Capital is a real estate private equity firm focused on acquiring high-quality property assets 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 wide-ranging experience developing, managing, and sponsoring a diverse array of stabilized, income-driven properties. Kingsbarn has acquired and currently operates over $500 million 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.