Pacific Oak REIT Signs Material Definitive Agreement

TL;DR

Pacific Oak REIT just signed a big deal, details TBD.

AI Summary

On March 10, 2024, Pacific Oak Strategic Opportunity REIT, Inc. entered into a Material Definitive Agreement. The filing does not disclose the specific details of this agreement, only that it is a significant event requiring disclosure.

Why It Matters

This filing indicates a significant new contract or partnership for Pacific Oak REIT, which could impact its future operations and financial performance.

Risk Assessment

Risk Level: medium — The lack of specific details in the filing creates uncertainty about the nature and impact of the agreement.

Key Players & Entities

• Pacific Oak Strategic Opportunity REIT, Inc. (company) — Registrant
• March 10, 2024 (date) — Date of earliest event reported

FAQ

Key Financial Figures

• $195 m — ase price of Village 2 is approximately $195 million, subject to the adjustments and c
• $91 million — be sold to the Buyer for approximately $91 million by the Phase 1 planned closing date of
• $104 million — be sold to the Buyer for approximately $104 million by the Phase 2 planned closing date of
• $2 million — e Buyer will make an initial deposit of $2 million and, if it provides a notice of approva
• $100,000 — pon notice and payment of an additional $100,000 deposit), an additional deposit of $8 m
• $8 million — ,000 deposit), an additional deposit of $8 million. At the Phase 2 closing, the $10 millio
• $10 million — $8 million. At the Phase 2 closing, the $10 million deposit will be released from escrow, p

Filing Documents

• pacoaksor-20240310.htm (8-K) — 29KB
• 0001452936-24-000021.txt ( ) — 142KB
• pacoaksor-20240310.xsd (EX-101.SCH) — 2KB
• pacoaksor-20240310_lab.xml (EX-101.LAB) — 20KB
• pacoaksor-20240310_pre.xml (EX-101.PRE) — 11KB
• pacoaksor-20240310_htm.xml (XML) — 3KB

01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT

ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT On March 10, 2024, Pacific Oak Strategic Opportunity REIT, Inc. (the "Company"), through two indirectly wholly-owned subsidiaries, entered into a Purchase and Sale Agreement and Joint Escrow Instructions (the "Agreement") for the sale of 454.31 gross acres of land ("Village 2") located in the City of North Las Vegas, Nevada to KB Home Las Vegas, Inc. and Tri Pointe Homes Nevada, Inc. (collectively, the "Buyer"), subject to certain closing conditions. Village 2 is part of a planned community known as The Villages at Tule Springs (the "Planned Community"). The Buyer is unaffiliated with the Company or with its advisor. Pursuant to the Agreement, the aggregate purchase price of Village 2 is approximately $195 million, subject to the adjustments and credits set forth in the Agreement. The sale of Village 2 is expected to be completed in two phases. In Phase 1, 212.14 gross acres are anticipated to be sold to the Buyer for approximately $91 million by the Phase 1 planned closing date of July 31, 2024. In Phase 2, 242.17 gross acres are anticipated to be sold to the Buyer for approximately $104 million by the Phase 2 planned closing date of July 31, 2025. Note that each of the foregoing anticipated closing dates may be extended in certain circumstances pursuant to the terms of the Agreement. The Agreement contemplates that the Buyer will make an initial deposit of $2 million and, if it provides a notice of approval at the conclusion of the 90-day due diligence period (which due diligence may be extended for 30 days by the Buyer upon notice and payment of an additional $100,000 deposit), an additional deposit of $8 million. At the Phase 2 closing, the $10 million deposit will be released from escrow, paid to the Company and credited against the Phase 2 purchase price. Closing of each of the sales of Phase 1 and Phase 2 is contingent upon, among other things, (i) the receipt by the Company of final city approval of mo

SIGNATURES

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. PACIFIC OAK STRATEGIC OPPORTUNITY REIT, INC. Dated: March 14, 2024 BY: /s/ Michael A. Bender Michael A. Bender Chief Financial Officer, Treasurer and Secretary

View Full Filing

View this 8-K filing on SEC EDGAR