Company News
KB Exchange Trust Purchases a Subdivided Portion of Gaviidae Common in Downtown Minneapolis, MN
Minneapolis, MN (March 26, 2018) – KB Exchange Trust (“KB”), a division of Kingsbarn Realty Capital, announced the acquisition of a 52,263-square foot, subdivided portion of Gaviidae Common, a 255,000-square-foot specialty retail and office center in downtown Minneapolis. The property acquired by KB is leased to Walgreens, North Memorial Healthcare, and Orthology Inc. In 2015, Gaviidae Common finished a complete renovation of the building to a Class A retail and office space. The acquisition price for the property was $24,550,000 and the property closed escrow on March 12, 2018. KB Exchange Trust (as Sponsor) intends to offer the asset as investment property to both cash investors and 1031 exchange investors.
“This is irreplaceable real estate, given the location of the property and the buildings that connect to it through the downtown Minneapolis Skyway System. We believe that this property represents exceptional value for our investors,” according to Jeff Pori, CEO of Kingsbarn Realty Capital.
Located in the heart of downtown, Gaviidae Common occupies two city blocks and contains a shopping mall, office complex, and brand-new YMCA Athletic Wellness Center. The property is attached, by Skyway, to the four tallest skyscrapers in downtown Minneapolis: City Center, Wells Fargo Plaza, IDS Tower, and RBC Plaza. The first and second floors of the building are designated for retail space that is anchored by Walgreens.
KB has acquired 32 healthcare-related properties within the past four years for its various 1031 exchange-related programs.
“This acquisition represents our 19th 1031 Investment Program, and is consistent with KB Exchange Trust’s focus on income-driven properties in the medical and healthcare sectors,” Pori added.
About Kingsbarn Realty Capital
Kingsbarn Realty Capital is a real estate private equity firm focused on acquiring commercial property assets throughout the United States. Offering both direct and indirect real estate investments, Kingsbarn provides clients with the opportunity to invest in its various structured real estate private placements. Kingsbarn's management team has extensive experience developing, managing, and sponsoring a diverse array of stabilized core properties and income-driven investment funds. Competitive, risk-adjusted returns are offered to Kingsbarn investors through diversified investment programs.
Contact:
Holly Silvestri, The Ferraro Group
holly@theferrarogroup.com
(702) 367-7771
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.