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
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.
2465 Latham
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
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.
Berkeley Central
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
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.
San Dimas Plaza
A sophisticated investment client with a low tax basis asked Seagate to evaluate its $30 million dollar shopping center for creative alternatives to lessen its single market asset exposure.
Seagate proposed and successfully structured a “down-REIT” with a publically traded Real Estate Investment Trust, a stock for property swap that significantly diversified its portfolio, created liquidity and the ability to transfer shares internally, guaranteed a significant return for future years, all while deferring taxes to the future.
2950 Zanker
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
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
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.
5555 Sunol Blvd
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.
2900 McArthur Dr
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.
United Grocer’s Warehouse – Tracy
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
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
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.