Seagate Properties

A Real Property Investment & Operating Company

Development

San Rafael Corporate Center

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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.

2900 McArthur Dr

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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.

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United Grocer’s Warehouse – Tracy

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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.

United Grocer’s Warehouse – Modesto

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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.

United Grocer’s Warehouse – Santa Rosa

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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.

San Rafael Business Center

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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.

171 – 181 Third St

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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.

Harriet Lane

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A housing development in a submarket lacking sufficient entry level for-sale housing.

Seagate purchased 1.5 acres of land and constructed 34 modular housing units directly across the Sacramento River from downtown Sacramento and within the city’s designated redevelopment zone, fitting within Seagate’s and the city’s urban in-fill vision.