ITEM 2.01 COMPLETION OF ACQUISITION OR DISPOSITION OF ASSETS
Disposition of The Offices at Greenhouse
On November 14, 2016, KBS Growth & Income REIT, Inc. (the “Company”), through an indirect wholly owned subsidiary (the “Owner”), acquired a five-story Class A office building containing 203,284 rentable square feet located on approximately 4.6 acres of land in Houston Texas (“The Offices at Greenhouse”).
On June 17, 2024, the Owner entered into an option and purchase and sale agreement and escrow instructions (the “Sale Agreement”) for the sale of The Offices at Greenhouse to Capital Commercial Investments, Inc. (the “Purchaser”). The Purchaser is unaffiliated with the Company or its advisor.
On July 23, 2024, the Company completed the sale of The Offices at Greenhouse for $17.6 million, before third-party closing costs, prorations and closing credits of approximately $3.1 million and security deposit obligations transferred to the Purchaser of $0.2 million.
Discounted Payoff Agreement for the Modified Term Loan
In connection with the execution of the Sale Agreement, the Owner, as borrower under the Modified Term Loan, which is secured by The Offices at Greenhouse, entered into a discounted payoff agreement with JP Morgan Chase Bank, N.A. (the “Lender”), effective as of June 24, 2024 (the “Discounted Payoff Agreement”). Upon the disposition of The Offices at Greenhouse on July 23, 2024, the Company paid the Lender $14.3 million, the full amount due under the Discounted Payoff Agreement.
ITEM 8.01 OTHER EVENTS
Articles of Dissolution
Pursuant to the Company’s plan of complete liquidation and dissolution, approved by the Company’s stockholders on May 9, 2023, the Company anticipates filing its articles of dissolution with the State Department of Assessments and Taxation of Maryland on or about July 30, 2024. In addition, on July 25, 2024, the Company intends to direct its transfer agent to close the Company’s stock transfer books and at such time cease recording stock transfers except by will, intestate succession or by operation of law. The board anticipates authorizing a final liquidating distribution to stockholders on or about July 29, 2024.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
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Pro Forma Financial Information |
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Pro forma financial statement will be filed by amendment to this Form 8-K no later than Monday, July 29, 2024. |
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Exhibits |
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Description |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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