Seagate Properties
A Real Property Investment & Operating Company
Seagate negotiated the purchase of this manufacturing/distribution warehouse facility located on 8.2 acres of land.
The property was acquired at a substantial discount to market value due to the fact that it was encumbered by rents which were 30% below comparable market rental rates.
Seagate identified, negotiated, and structured the purchase of the property on behlaf of an investment client as their investment advisor.
This warehouse and distribution center is located at the intersection of Interstates 680 and 580, a strategic location in a supply-constrained Tri-Valley submarket. The subject property is one of only a handful of warehouse buildings at the 580/680 location. The typical user is a local or national service-oriented, time-sensitive business that is willing to pay a premium to avoid the traffic delays of a Livermore or Central Valley location. Seagate and an institutional joint venture partner acquired the fully-leased building in addition to the adjacent developable land parcel. Upon expiration of the existing tenant’s lease several years later, the venture sold both the building and the land parcel to an owner-user.
Seagate constructed this high cube distrbution warehouse in anticipation of securing up to three tenants. The entitled land had been cquired as part of a larger industrial portfolio. Construction was completed on schedule and slightly under budget.
One of three distribution warehouses purchased and leased back to a regional wholesale and retail grocery chain with less than investment grade credit.
Substantial value enhancement was achieved by Seagate through credit augmentation and the subsequent resale of the wholesale division to a much higher credit parent company and by securing entitlements for an additional 500,000 square feet of buildings on the excess developable land.
Seagate subsequently developed, leased, and sold a 285,000 square foot warehouse on the surplus land.
One of three distribution warehouses purchased and leased back to a regional wholesale and retail grocery chain with less than investment grade credit.
Substantial value enhancement was achieved by Seagate through credit augmentation and the subsequent resale of the wholesale division to a much higher credit parent company.
The potential for a 60,000 square foot expansion to the exsiting building added to a successful sale of the property.
One of three distribution warehouses purchased and leased back to a regional wholesale and retail grocery chain with less than investment grade credit.
Substantial value enhancement was achieved by Seagate through credit augmentation and the subsequent resale of the wholesale division to a much higher credit parent company.
Seagate sold this property to an institutional investor and the adjacent development site to a local developer.
This five building office and light industrial property is centrally located within Marin County. The property was purchased subject to a limited remaining lease term.
Seagate’s investment strategy included acquiring an adjacent property to increase the parking ratio, and subdividing the property into multiple parcels to allow for an exit through resale of individual buildings to either investors or owner-users.
The property was ultimately purchased by the County of Marin for the creation of the new County Health Services Campus.
Seagate, in cooperation with the County of Marin, redeveloped the property into the Marin County Wellness Center. This public-private partnership resulted in substantial savings in development costs.
Strategically located adjacent to a Seagate owned neighborhood shopping center, this property represented a rare development opportunity in Marin County. Acquired at substantially below market value due to its “Brownfield” status, this formerly underutilized eyesore has been completely remediated, entitled and redeveloped. The new two-building development includes retail and office space with visibility on a major thouroughfare and unobstructed views of Mt. Tamalpais over the San Rafael Canal to the south of the waterfront site.
This 3-story building, the “Berkeley Promenade”, was sourced and purchased by Seagate to expand its presence in this dynamic market.
Seagate was attracted to the proeprty by its creative design, below-market leases, the supply to constrained nature of the downtown Berkeley market and the close proximity to BART and the University of California.
In addition, the property is somewhat unique within the submarket due to its large subterranean parking garage.
This 12-story office and retail building is located in the middle of the central business district in downtown Berkeley, California.
This property was purchased from the previous lender, who acquired it through foreclosure. Seagate controlled all aspects of leasing the property during the escrow period, during which Seagate leased 20% of the property.
Several factors made the investment attractive to Seagate including: the significant amount of smaller lease requirements generated by the University of California at Berkeley, the significant barriers to entry for new competition in the immediate area (including a strong “no growth” attitude), and the immediate access to BART located directly in front of the building.
This six-building project located in the North Valley submarket of Reno, Nevada consists of a warehouse and distribution portfolio. Each building was on a separate parcel, allowing Seagate to sell two smaller vacant buildings to local owner-users, lease the vacancy in the larger buildings and eventually sell them to investors. This careful strategy and timely acquisition resulted in returns that greatly exceeded the business plan’s projected returns.
Seagate expedited the purchase this three-story suburban office building located on 12.3 acres of land. The property was acquired at an above-market capitalization rate with below-market assumable financing due to a parnership dissolution. The property was fully leased to a credit rated tenant for use as their central information systems (computer) facility. Seagate subsequently sold the property at a substantial profit and reinvested the proceeds.
A value-added purchase of a 77-unit historic apartment complex situated on a 2.4 acre site. The unit mix is 27% studios, 53% one-bedroom units, 19% two-bedroom units and 1% three-bedroom units.
The property was only 50% occupied at the date of purchase and nearly 25% of the complex was uninhabitable due to poor management and lack of capital. The property was purchased as an REO from the prior lender.
Substantial rehabiliations of the property has been completed including upgrades to all common areas and unit interiors.
This 33 unit property was purchased in an “off-market” transaction. Immediately following purchase a $20,000/unit upgrade was implemented which resulted in a completely transformed community.
The upgrades included gating the community, enhanced lobby, addition of a fitness center, new exterior paint and upgrade of all unit interiors.
Seagate purchased an undivided tenant-in-common interest in this upscale community shopping center located in Marin County, California. The demographics of the trade area substantial, reflect the second highest per capita income in the US. The property enjoys immediate freeway access, a large parking field, and extrememly high visibiity from Highway 101, with nearly one-half mile of freeway frontage. Seagate developed a successful leasing and re-development plan which repositioned the property resulting in higher occupancy and income.
