Seagate Properties

A Real Property Investment & Operating Company

Acquisition

2080 Enterprise

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Seagate Properties added this Sacramento industrial asset to its portfolio in March 2023. Originally built in 1979, 2080 Enterprise Blvd was remodeled when Hunter Douglas Fabrication acquired it in 2011. Consisting of ~208,000 square feet on 12.55 acres, it has 28,000 sf dedicated for office use, 297 parking spaces, 22’-28’ clear height, 20 dock-high doors, an insulated deck, skylights, HVAC, and a desirable 55,000 sf excess yard situated in an Opportunity Zone in the highly desirable West Sacramento submarket in the Port Sacramento Industrial Park. 

Seagate plans to spend $4 to $6 million on additional property upgrades, including a new roof and dock equipment as well as new paint and lighting and addressing deferred maintenance which will provide an immediate value-add opportunity with the rising rents in W. Sacramento. The side yard on the property will be paved to create space for additional storage, giving it yet another attractive feature. While perfect for a single use tenant, alternative plans would be to split-up the building to house multiple tenants.

Warm Springs Industrial Park

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Seagate was looking to expand its industrial portfolio, specifically in the Fremont market, and the Warm Spring Industrial Park opportunity fit with its diverse mix of tenants in a central location. Added the portfolio in 2021, this Class B flex R&D warehouse park offers two-buildings containing a total of 141,500 SF on two parcels located in close proximity to highways I-880 and I-680 and the new Warm Springs BART Station.

Each building is equipped with heavy power, up to 19’ clear height warehouse space, oversize drive-in loading, newly refurbished roof, 100% HVAC and 30% dedicated to office space which includes open bullpen, conference rooms, private offices along the window line, and lunch and break rooms.

At the time of its acquisition, the tenant portfolio was 75% leased to 5 tenants averaging approximately 20,000 SF each. In just three months Seagate successfully leased both vacant units for a 100% leased status by year-end.

South Sparks Industrial Park

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The South Sparks Industrial Park portfolio is a seven building, 585,000 SF property on four parcels located just south of Interstate 80 in Sparks Nevada at Kleppe Lane and Sparks Boulevard. The project is five miles from downtown Reno and five miles from the Reno-Tahoe International Airport.

At the time of its acquisition, the tenant portfolio was 100 percent leased to 24 tenants averaging approximately 24,000 SF each. Seagate was looking to expand its industrial portfolio, specifically in the greater Reno market, and this opportunity fit with its diverse mix of tenants in a central location.

This acquisition is Seagate Properties’ second recent investment in Northern Nevada — in late 2017, the company purchased Northtowne Summit, a 220-unit multi-family property, in Reno.

810-830 Meredith

910-990 Kleppe

980-988 Packer

1400-1440 Kleppe

1420-1470 Kleppe

1480-1498 Kleppe

The Harbors

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Seagate Properties added this premier Class A multi-tenant office campus to its portfolio in 2019. Built in 1982 and consisting of 114,000 sf, this recently renovated, institutional-quality two-building project is located at 1 and 3 Harbor Drive in Sausalito, California.

Meticulously maintained and tastefully upgraded, each building at The Harbors contain three floors where tenants enjoy a shared conference room, indoor secured bike storage, a courtyard with wifi, car charging stations, on-site showers, and on-site property management. This peaceful office environment provides a sense of community and soul that matches the rich, colorful history of Sausalito.

Located in the affluent Southern Marin waterfront community less than four miles north of the Golden Gate Bridge, this incredible seaside campus is just a ferry ride to downtown San Francisco, an 8-minute bike ride to downtown Sausalito for amenities including retail shops and restaurants, walkable access to the surrounding hills and harbor, and several suites include balconies that allow tenants to take advantage of Sausalito’s year-round temperate climate.

Creekside Oaks

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Creekside Oaks, an attractive investment and institutional-quality asset with a strong multi-tenant roster, is located at 1740-1760 Creekside Oaks Drive in the South Natomas submarket of Sacramento. It is well positioned near Interstates 5 and 80 and only a five-minute drive to Downtown Sacramento.

The complex comprises three buildings featuring large, flexible floor plates that accommodate office suites ranging from 1,000 to 30,000 square feet. The business park has onsite amenities, including a deli, a conference center, an on-site management office, showers and electric car charging stations. Tenants at Creekside enjoy this affordable and professional office park alternative to Downtown Sacramento.

Links at Legacy Ridge

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Constructed in 1999, Legacy Ridge offers 9’ ceilings, units on average 100sf larger than current norm for new construction, an irreplaceable location in a high barrier to entry submarket along with an opportunity to update amenities, unit interiors and drive rents. Located in Westminster, Legacy Ridge is located in one of the most difficult submarkets to develop new apartment product due to high utility tap fees, the requirement for a PUD and the city’s Comprehensive Plan which anticipates only 636 units of high-density housing over the next 18 years.

Legacy Ridge is adjacent to the Legacy Ridge Golf course with high visibility along Federal Boulevard and the majority of undeveloped land in close proximity is designated Open Space. Approximately 141 units were renovated in 2013 and the scope did not include high end finishes such as stainless appliances and quartz countertops. The opportunity exists to update the 91 un-renovated units and take the 141 units completed in 2013 to the “next level”. In addition, Seagate completed a full exterior paint of the property, replaced all of the roofs, and made extensive landscaping, pool, and amenity upgrades.

The Senator

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The Senator, a 10-story, 180,123 sf historic landmark office building is located at 1121 L Street in Sacramento and directly across from the State Capitol and was added to the Seagate portfolio in December 2018. First opened in 1924, it was officially recognized as Hotel Senator until 1979, serving as a nexus of California political and social activity for more than 50 years, before it was converted to a multi-tenant office building in 1982. It reopened under the name Senator Hotel Office Building, giving lobbyists immediate access to California’s state politicians.

The property is on the National Registry of Historic Places and was designated in the Italian Renaissance style, with a large, high-ceilinged lobby and reception area and is centrally located in Downtown Sacramento with abundant shopping and dining, approximately five blocks from the new Golden 1 Center (Sacramento Kings arena), and one black from the Sacramento Convention Center and Community Center Theater, both of which will be undergoing a $300+M renovation which should greatly enhance the property’s immediate surroundings.

The previous owner acquired the building in 2015 and began a substantial renovation program to update the building’s vacant tenant spaces to appeal to creative office space users. Seagate immediately commenced upon a major restoration of the historic façade and continues the creative office improvements to vacant tenant spaces. Additionally, Seagate has made many other upgrades, including lobby updates, new outdoor patio upgrades, common area upgrades, and a new bike storage facility and a new conference center. Showers and a fitness center are planned to be completed in 2021.

Northtowne Summit Apartments

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Northtowne Summit Apartments (“Northtowne”) is a 1997 vintage community, offering 220 units in 22 residential buildings and a 2,900 square foot clubhouse. Features and amenities include a fitness center, swimming pool with spa, dog-park, in unit washers and dryers, oversized balconies, spacious closets, built-in microwaves, gas fireplaces (2nd floor units), carports, forty-five detached garages and spectacular panoramic views of Sierra Nevada Mountains and downtown Reno.

Northowne is ideally located with convenient nearby shopping and has a central location at the Highway 580 and North McCarran interchange. Seagate acquired Northtowne in 2017 and immediately executed an extensive capital improvement program including a complete clubhouse renovation, full exterior paint, concrete and asphalt repairs, extensive landscaping improvements, and pool and amenity upgrades.

Park Place Olde Town

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Park Place Olde Town is an amenity-rich community only steps away from historic Olde Town Arvada and the Olde Town Arvada G-Line Light Rail Station. Constructed in 2016, Park Place Olde Town‘s 153 units comprise 96 one bedroom/one bath units and 57 two bedroom/two bath units.

All units offer fully equipped gourmet kitchens with quartz countertops and stainless steel appliances, stackable washer/dryer, plank flooring, generous walk-in closets, and oversized private balconies. Park Place Olde Town offers its residents a parking garage with electric vehicle charging station, controlled access, complimentary gourmet coffee service, a state-of-the-art fitness center, and courtyards that include a glass encased modern café and lounge adjacent to an outdoor fire pit, BBQs, and an elevated ‘Splash’ pool.

Panorama at Arvada Ridge

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Panorama at Arvada Ridge is perfectly situated near major employers with convenient access to both the Denver CBD and Boulder. Built in 2005, this 264 unit offers a solid mix of one, two and three bedroom units, all with full size washer/dryer, built-in computer desk, electric fireplace, 9’ ceilings and walk-in closets.

Residents have access to a Jr. Olympic swimming pool, hot tub, fire pit, grilling stations, a theatre and sports lounge, 24-hour fitness center, 302 detached garages, a dog park and business center.

One Belmar Place

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Constructed in 2001, this 208 unit multi-family complex offers residents one and two bedroom garden style apartments located south of Downtown Belmar and walking distance to many local amenities while providing the feel and culture of an urban downtown neighborhood. At closing, Seagate implemented a capital improvement program at the property including a complete clubhouse renovation, full exterior paint, pool and spa upgrades, roof replacement, a new package locker system, and landscaping improvements.

The Atrium

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Built in 1983, the three-story aluminum and glass clad office building is designed around an open-air atrium, which recently underwent a $300,000 renovation and serves as a central gathering area for tenants, complete with Wi-Fi, new hardscape, updated water feature, and modern furniture. Other recent capital improvements include new signage, lighting, and the installation of an EV charging station. Seagate plans to continue with upgrades to the property and tenant spaces in order to lease up the current vacancy and retain existing tenants as leases expire.

3030 Bridgeway

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Newly remodeled, 3030 Bridgeway is a perfect solution for your commercial needs or home away from home office. This two story property was built in 1942 by the US Army Corp of Engineers and sits on 1.29 acre site. The property is on an attractive and historic site and is enjoyed by over 85 tenants. Features include parking, conference facilities, on-site security, a common area kitchen and free coffee and amenities.

Located approximately 12 miles north of downtown San Francisco in Marin County, the property has excellent visibility on Bridgeway which is also the main street into downtown Sausalito. The main retail corridor in downtown Sausalito is just one mile from the property, via the Sausalito exit off Highway 101. Just across Highway 101 via Bridgeway is the Marin Gateway Shopping Center, with various restaurants, shops, and a pharmacy.