KBS Real Estate Investment Trust III, Inc 8-K, filed Sep 29, 2025
KBS Real Estate Investment Trust III, Inc. (KBSR)
8-K
2025-09-29
For: 2025-09-23
View Original
Added on
April 06, 2026
About this 8-K
KBS Real Estate Investment Trust III, Inc filed this 8-K on September 29, 2025, reporting on events of September 23, 2025.
Items reported
- Item 8.01: Other events
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
______________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 23, 2025
(Exact Name of Registrant as Specified in Its Charter)
______________________________________________________
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(Address of principal executive offices)
Registrant's telephone number, including area code: (949 ) 417-6500
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(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
ITEM 8.01 OTHER INFORMATION
Disposition of the Park Place Village
On June 18, 2015, KBS Real Estate Investment Trust III, Inc. (“KBS REIT III”), through an indirect wholly owned subsidiary, acquired a mixed-use office/retail property containing 484,980 rentable square feet located on approximately 17.1 acres of land in the Kansas City submarket of Leawood, Kansas (“Park Place Village”). On September 23, 2025, KBS REIT III completed the sale of Park Place Village to a purchaser unaffiliated with KBS REIT III or KBS Capital Advisors LLC (the “Advisor”), for a gross sales price of $100.0 million, or $95.5 million of net sales proceeds, after credits for outstanding tenant improvements and lease incentives, prorations, security deposits, third-party closing costs and $0.8 million of disposition fees payable to the Advisor.
Payoff of the Park Place Village Mortgage Loan and Paydown of the Credit Facility
On September 1, 2022, KBS REIT III, through an indirect wholly owned subsidiary (the “PPV Borrower”), entered into a three-year loan agreement with a lender unaffiliated with KBS REIT III or the Advisor, for a committed amount of $65.0 million (the “Park Place Village Mortgage Loan”). The maturity date of the Park Place Village Mortgage Loan was August 31, 2025. On August 6, 2025, the maturity date of the Park Place Village Mortgage Loan was extended to November 30, 2025. The Park Place Village Mortgage Loan was secured by Park Place Village.
On September 23, 2025, the PPV Borrower used the net sales proceeds of $95.5 million from the sale of Park Place Village to (i) pay off the outstanding principal and accrued interest due under the Park Place Village Mortgage Loan of $65.2 million and (ii) pursuant to an amendment to the Credit Facility, pay down the outstanding principal balance of the Credit Facility by $25.4 million, reducing the outstanding principal balance of the Credit Facility to $37.5 million. The remaining net sales proceeds will be utilized to manage the liquidity needs of KBS REIT III.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| KBS REAL ESTATE INVESTMENT TRUST III, INC. | ||||||||||||||
| Dated: September 29, 2025 | BY: | /s/ Jeffrey K. Waldvogel | ||||||||||||
| Jeffrey K. Waldvogel | ||||||||||||||
| Chief Financial Officer, Treasurer and Secretary | ||||||||||||||