Company News
Kingsbarn Purchases Class-A Office Property in Los Angeles
Las Vegas, Nevada, June 15, 2021–– Kingsbarn Realty Capital (“Company” or “Kingsbarn”) announced the acquisition of Gramercy Plaza (the “Property”), a Class-A, multi-tenant office property totaling over 158,000 square feet in Torrance, California. The Property, which is located at 2050 West 190th Street in Torrance, California, will be offered as a Delaware Statutory Trust (“DST”) investment later this year.
Gramercy Plaza is in the South Bay submarket of Los Angeles and located along the I-405 freeway very near executive housing and high demographic beach cities such as Redondo Beach, Hermosa Beach, Manhattan Beach, and El Segundo. The average household income in Torrance was over $121,000 in 2020.
“The 190th Street corridor is driven by its highly accessible location with access to a large labor force, executive housing, the Ports, and LAX, which make it a favored location for sales, service, and logistics firms,” stated Jeff Pori, CEO of Kingsbarn. The four-story Gramercy Plaza campus also includes a two-story, 387-stall, parking structure on-site.
The Company will offer investment interests in the Property in a DST structure, making the interests eligible for an IRC Section 1031 exchange. The DST investment structure provides investors with fractional ownership in higher-quality properties than they may be able to acquire on their own. DSTs are also very useful in helping investors diversify their real estate portfolios in a much easier fashion than if they tried to acquire multiple properties on their own.
With this acquisition, Kingsbarn has purchased over 1.3 million square feet of prime office properties throughout California since late-2018 and has invested over $400 million in California real estate.
About Kingsbarn Realty Capital
Kingsbarn Realty Capital is a real estate private equity and development firm based in Las Vegas, Nevada. Kingsbarn structures its real estate investment opportunities for both fractional 1031 investors as well as providing customized portfolio solutions for large scale investors. Kingsbarn’s management team has wide-ranging experience developing, managing, operating, and sponsoring a diversified portfolio of stabilized, income-driven properties. Kingsbarn has acquired and currently operates over $600 million of commercial real estate throughout the United States. In 2020, Kingsbarn Capital and Development was founded as the company’s development arm to expand its product offerings for investors to include ground-up development of real estate assets and to fund operating companies that require real estate solutions across the United States.
No Offer
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.
Forward-Looking Statements
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.