Seagate Properties

A Real Property Investment & Operating Company

Acquisition

44 Montgomery

by

Seagate provides management to our institutional client of this 43-story above ground, Class ‘A’ office tower, which is ideally located in the downtown San Francisco Central Business District. 44 Montgomery was built in 1966-67, completely renovated in 1992, and in 1996. Designed by renowned architect John Graham (Seattle Space Needle), it was originally the World Headquarters for Wells Fargo Bank and once the tallest building west of the Mississippi.

Seagate as join venture partner and later as manager, has created, administered and managed the following projects:

  • Updated elevator controls and interior cabs – $4M
  • Common area improvements – $7.5M
  • Lobby redesign and construction – $2M
  • New roof mounted (air lifted) base building chillers – $2M
  • Established LEEDS-EB Gold status
  • Achieved highest Energy Star rating available (100)

900-910 E. Hamilton Ave

by

Seagate initiated and negotiated the purchase of this property, with an unsolicited offer, on behalf of a public pension fund client. The sellers need for increased liquidity created a unique purchase opportunity for Seagate and our client.

San Rafael Corporate Center

by

San Rafael Corporate Center (SRCC) is a Class A, LEED Gold certified office campus situated on a landscaped 13 acre site in Central San Rafael, California. The property consists of four office buildings, two of which were initially developed in 2001. Seagate and a joint venture partner acquired two existing buildings and developed Phase Two of the property in 2010. Phase Two, consists of two, four-story Class A, LEED Gold certified office buildings, plus a four-story, 399 stall parking garage. The property has additional entitlements to develop approximately 89,000sf office building and one additional 615 stall parking structure. Seagate managed the following projects:

  • Developed 158,000 square feet of two new Class A office buildings and an associated 400 stall parking structure (Phase Two) on time and on budget – $62M
  • Established EB-LEED Gold status to the existing 152,000 square feet Class A office buildings (Phase One)
  • Managed and administered all entitlements with the City of San Rafael related to development and construction of the third and final phase of SRCC development for an 85,000 square feet Class A office building plus an approximately 600 stall parking structure.
  • Achieved highest Energy Star rating available

The property was sold in 2014 to BioMarin as their new corporate headquarters.

The Dakota at Governor’s Ranch

by

A value-add purchase of a 246 unit apartment complex, built in 1996, on a 14.8 acre site. This garden-style property with all two-story buildings and private entrances, has a unit mix of 39% one bedroom units and 61% two-bedroom units. Located adjacent to the Southwest Plaza Mall in Littleton, Colorado, the Dakota was purchased at a significant discount to replacement cost with an opportunity to upgrade community amenities and unit interiors. The community clubhouse landscaping and pool were recently upgraded, washer/dryers were added to all the units, and 45% of the unit interiors have been renovated.

Montecito Plaza Shopping Center

by

In 1986, Seagate identified this well located, yet run-down retail center as a unique value-added opportunity in an infill location. Substantial deferred mainatenance, passive management, high vacancy and poor market position resulted in a unique opportunity to renovate the physical structure and reposition and re-tenant the property. Retail sales increases exceeded 200%, continued high occupancy, and lease rates that lead the competitive markets attest to the successful implementaion of this strategy by Seagate.

The Wellshire

by

A value-add purchase, this twelve-story, high-rise community was built in 1962 and is located in southeast Denver. The Wellshire is a one of kind community with wrap-around balconies, floor to ceiling windows, and spacious units averaging nearly 1,000 sf. The Wellshire is ideally situated to benefit from a value-add renovation program due its central location, large units, dramatic views, and strong demographics.

Upgrades at the property include the conversion of the 12th floor community room into an additional unit, enhancement of the roof deck with a fire pit, outdoor TVs, and new BBQs. On the ground floor, Seagate completed a 3,500 square foot expansion and renovation including a new leasing office, community room with pool table and shuffle board table, fireplace, kitchen, and conference rooms. In addition, the courtyard was renovated to include a firepit, water feature, landscaping improvements and renovated dog park.

2465 Latham

by

This Class A, transit-oriented, multi-tenant office building is located near downtown Mountain View, in the heart of Silicon Valley, walking distance to the San Antonio Shopping Center and San Antonio Caltrain station. Seagate acquired the property, corrected various deferred maintenance items, renovated the lobby, and stabilized the tenancy, all ahead of the steeply rising curve of Silicon Valley investment property values.

2850 Telegraph

by

Located on Telegraph Avenue in close proximity to both University of California Berkeley and Alta Bates Medical Center, this building had been occupied as a single-tenant facility for nearly thirty years, and suffered from capital starved, dysfunctional ownership. Seagate acquired the property with the strategy of completing a major seismic upgrade and repositioning as a multi-tenant office building to serve the needs of the adjacent medical and educational community. Seagate subsequently sold the property to the University of California, Berkeley and it is used as administrative offices for Boalt Law School.

Belmar Villas

by

A value-add purchase of a 318 unit apartment community, built in 1975 and substantially renovated in 1991, on a 18 acre site. The 318 units include 26% one-bedroom units, 51% two-bedroom units, and 23% three-bedroom units. Located adjacent to the nationally recognized 104 acre Belmar redevelopment, there was tremendous upside opportunity to upgrade common area unit interiors and remain the “low cost leader” with all the amenities of newer product. Along with 20% of the unit interiors, the capital improvement plan included significant clubhouse, pool, spa, landscaping and building exterior improvements.

980-990 Fifth Avenue

by

This two-story office building located at the San Rafael prime corner of Fifth Avenue and Court Street is within easy walking distance to downtown San Rafael. 980-990 was purchased by Seagate in 1999 and Seagate performed renovation that included bringing the building down to its steel frame, expanding the second floor window line, and constructing Class A office improvements. The property has been occupied as Seagate’s corporate headquarters since completion of the renovations in late 1999.

IREETM Certified

Berkeley Central

by

This purchase of four contiguous office buildings located in the heart of downtown Berkeley, California was sourced as a single transaction by Seagate.

Seagate was attracted to the opportunities presented by the below-market income stream combined with an attractive intrinsic price.

The close proximity to BART and the University of California also weighed favorably in our decision to pursue this property. Seagate served redevelopment approvals of this 25,000 square foot site that resulted in construction of 152 Class A apartments.

Serramonte Plaza

by

Seagate purchased this mixed-use project, consisting of 14 individual properties, as a single acquisition. Substantial value was created by arbitraging cap rates through an indivuual resale program, offering smaller properties to individual investors and 1031 exchange buyers.

The property enjoys high visibility from Highway 280, benefits from easy freeway access, and has ample parking for the professional corporations, retail users, and medical tenants.

2950 Zanker

by

This R&D building, located on 4.3 acres of land in the heart of the Silicon Valley, was acquired through a 1031 tax deferred exchange. The facility was substantially renovated and improved at the tenant’s expense as a web-hosting facility.

A leader in the web-hosting industry, this facility represents the “backbone” of the tenant’s business. Seagate impemented a strategy of making a pre-emptive bid, below replacement cost, on this well located property before it was widely marketed.

2170 Hanson

by

Seagate purchased this distribution building shortly after it was built in 2001. It is situated on 8.76 acres of land, and is conveniently located along Interstate 5 in suburban Sacramento.

This Central Valley location is very desireable to many regional and national logistics tenants and users. The distribution warehouse building is 207,700 square feet with the flexibility to demise the building for smaller users.

Northpoint Business Park

by

This light industrial property is located on approximately 5.3 acres of land off of Interstate 880, near the Oakland airport. Eight separate tenants occupied 77% of the space at the time of acquisition. The 23% vacancy represented a significant component of the project’s upside potential, allowing Seagate to benefit from improving market conditions. Rapidly increasing office rents forced many service and sales oriented users to this more cost effective office-flex type space. Seagate leased all vacant space within six months of purchasing the property, thus exceeding the estimated returns to their client.