Seagate Properties

A Real Property Investment & Operating Company

Disposition

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.

The Promenade

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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.

The Wells Fargo Building

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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.

Parr Reno Complex

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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.

Marin Executive Center

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As a third party advisor, Seagate acted as a court appointed recevier, bankruptcy trustee, and subsequently as leasing and property manager on this foreclosed asset for a major life insurance company.

Through aggressive management, leasing and substantial building renovation, the property achieved 100% occupancy to a credit rated tenant within twelve months of taking ownership.

Seagate also exclusively handled the sale of the property for the client, resulting in the profitable exit from a mortgage foreclosure.

Smith Ranch Plaza

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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.

Goldmine Hill

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Seagate acquired this eight building apartment community located in the Twin Peaks neighborhood of San Francisco with the intention of converting the individual units to condominiums. Seagate obtained all necessary local and state governmental approvals to allow conversion of the complex to condominiums. The project represented the largest condominium conversion ever completed inthe City of San Francisco at that time. The success of the project was evidenced by the sale of 100% of the units available within 18 months of receipt of final approvals.

Strawberry Village

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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.

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The Adam Grant Building

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The Adam Grant building, originally built in 1908 and fully renovated in 2003, is a 14 floor historic office building strategically located at the northeast corner of Sansome and Bush streets in the heart of the downtown San Francisco financial district.

The building’s historic architecture features operable windows on all sides of the building, filling the interior spaces with abundant natural light. This renaissance / baroque building enjoys a prominent location one block from Market St. and the Montgomery BART/MUNI metro station, serving the Bay Area.

Seagate and an institutional partner acquired the property with greater than 60% vacancy and promptly stabilized the asset with a mix of high quality tenants. The property was sold in 2013 after substantial price appreciation.

611 Ocean Ave

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This 172 room hotel was purchased subject to a master lease with University of California at Santa Cruz, which used the property as both student housing and as a conference facility for the Santa Cruz Campus. Seagate purchased this property, which included excess land for development in an “off market” transaction substantially below replacement cost.

The property enjoys very high visibility on a major arterial connecting the intersection of Highways 1 and 17 with the beaches and the famous Santa Cruz Beach Boardwalk.

The property is immediately adjacent to the Santa Cruz County offices, a city park along the San Lorenzo River and a short five minute walk from downtown Santa Cruz. Seagate subsequently sold the property to a hotel operating company.

The Village at Lionstone

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A value-add purchase of a 288 unit apartment community, built in 1985, on a 11.3 acre site. The 288 units include 42% one-bedroom units and 58% two bedroom units.

The property was acquired at a significant discount to replacement cost, an attractive going-in yield, and an opportunity to significantly upgrade the common areas, amenities and unit interiors.

The capital improvement program included a completely renovated clubhouse, exterior paint, pool and spa upgrades, landscaping upgrades, a new perimeter fence, parking lot improvements, concrete and stairwell improvements, new playground equipment and unit renovations.

Seagate rebranded the property immediately after purchase as well.

Newport Village

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A value-add purchase of a 220 unit apartment community, built in 1988, on a 7 acre site. The 220 units are arranged in 30 buildings with 100 townhome units and 120 flat-style units that include 63% two-bedrooms and 38% one-bedroom units.

The property was acquired from a lender that had foreclosed on the previous owner. The property had been capital starved and was in very bad condition.

Capital improvements included a full exterior paint, wood and balcony replacements, extensive landscaping upgrades, a new pool, and spa associated amenities.

Copper Chase

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A value-add purchase of a 150 unit apartment complex, built in 1969, situated on a 10.4 acre site.

Copper Chase provides a unique unit mix of 53% three-bedroom units, 30% two-bedroom units, and 17% one bedroom units. Located across the street from the 430,000 square foot Broadmoor Town Center, Copper Chase represented an attractive going in yield, a significant discount to replacement cost, and an opportunity to add and upgrade amenities, common areas and unit interiors.

Completed upgrades included a new pool, new volleyball court, fitness center, playground improvements, new dog park, exterior paint, roof replacements, landscaping upgrades and twenty percent (20%) of the unit interiors.

Fillmore Ridge

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Seagate acquired Park Terrace Apartments and rebranded it as Fillmore Ridge Apartments.

This REO purchase completed in August 2010, encompassed a 115 unit apartment community offering a mix of studio, 1 bedroom, 2 bedroom and 3 bedroom floor plan alternatives.

Constructed in 1965-1967, Fillmore Ridge sits on 4.66 acres located in northwest Colorado Springs and borders I-25 on W. Fillmore Street.

Seagate completed a $700,000 renovation of the project that included a new management office, business and fitness centers, new windows throughout, exterior paint, façade improvements, enhanced exterior lighting, parking lot improvements, upgraded common areas and approximately 20% of the interior units received a facelift.

Sunset Creek

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A value-add purchase of a 310 unit apartment complex, built in 1966, on a 27 acre site. This low-density property enjoys a unit mix of 25% one bedroom units, 49% two-bedroom units, and 26% three-bedroom units. Sunset Creek was acquired off-market from a long term owner at a significant discount to replacement cost and an above market cap rate.

Located adjacent to the University of Colorado at Colorado Springs and the 700,000sf University Village Town Center, the property was ideally situated to benefit from a value-add program that included a fully renovated clubhouse, new pool and spa, landscaping upgrades, exterior paint, common area upgrades, and renovation of 10% of the unit interiors.