PACIFIC OAK STRATEGIC OPPORTUNITY REIT, INC. : Other Events (form 8-K)

ITEM 8.01 OTHER EVENTS

Park Highlands

On November 30, 2022, Pacific Oak Strategic Opportunity REIT, Inc., through an indirect wholly owned subsidiary, closed a purchase and sale agreement and sold 67 developable acres of Park Highlands for gross sales proceeds of approximately $55.0 million, before closing costs and credits. This arm's-length sale to an unrelated third party included construction rights for commercial use. The initial acquisition cost basis in 2011 and 2013 of the Park Highlands sold land was approximately $15 thousand per acre, before infrastructure costs. The sale price reflects approximately $822 thousand per acre.

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