Seagate Properties

A Real Property Investment & Operating Company

Leasing

2080 Enterprise

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Seagate Properties added this Sacramento industrial asset to its portfolio in March 2023. Originally built in 1979, 2080 Enterprise Blvd was remodeled when Hunter Douglas Fabrication acquired it in 2011. Consisting of ~208,000 square feet on 12.55 acres, it has 28,000 sf dedicated for office use, 297 parking spaces, 22’-28’ clear height, 20 dock-high doors, an insulated deck, skylights, HVAC, and a desirable 55,000 sf excess yard situated in an Opportunity Zone in the highly desirable West Sacramento submarket in the Port Sacramento Industrial Park. 

Seagate plans to spend $4 to $6 million on additional property upgrades, including a new roof and dock equipment as well as new paint and lighting and addressing deferred maintenance which will provide an immediate value-add opportunity with the rising rents in W. Sacramento. The side yard on the property will be paved to create space for additional storage, giving it yet another attractive feature. While perfect for a single use tenant, alternative plans would be to split-up the building to house multiple tenants.

Warm Springs Industrial Park

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Seagate was looking to expand its industrial portfolio, specifically in the Fremont market, and the Warm Spring Industrial Park opportunity fit with its diverse mix of tenants in a central location. Added the portfolio in 2021, this Class B flex R&D warehouse park offers two-buildings containing a total of 141,500 SF on two parcels located in close proximity to highways I-880 and I-680 and the new Warm Springs BART Station.

Each building is equipped with heavy power, up to 19’ clear height warehouse space, oversize drive-in loading, newly refurbished roof, 100% HVAC and 30% dedicated to office space which includes open bullpen, conference rooms, private offices along the window line, and lunch and break rooms.

At the time of its acquisition, the tenant portfolio was 75% leased to 5 tenants averaging approximately 20,000 SF each. In just three months Seagate successfully leased both vacant units for a 100% leased status by year-end.

Creekside Oaks

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Creekside Oaks, an attractive investment and institutional-quality asset with a strong multi-tenant roster, is located at 1740-1760 Creekside Oaks Drive in the South Natomas submarket of Sacramento. It is well positioned near Interstates 5 and 80 and only a five-minute drive to Downtown Sacramento.

The complex comprises three buildings featuring large, flexible floor plates that accommodate office suites ranging from 1,000 to 30,000 square feet. The business park has onsite amenities, including a deli, a conference center, an on-site management office, showers and electric car charging stations. Tenants at Creekside enjoy this affordable and professional office park alternative to Downtown Sacramento.

44 Montgomery

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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)

Hellyer Oaks Technology Park

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Hellyer Oaks Technology Park offers a timeless architectural design with curved glass at corners. The project was completed in 1984 and is comprised of two office/R&D buildings containing approimately 350,000 sf. The site encompasses 20.95 acreas of land in Sourthern San Jose.

Parking is provided by perimeter surface lots with ~1,178 parking spaces. Conveniently located adjacent to US Highway 101 and Highway 85, providing easy access to North San Jose, the rest of Silicon Valley, the Peninsula and Morgan Hill. Seagate managed new lobby and entrance renovations bringing modern sophistication to the complex.

Interior and exterior renovations now complete and immediately available – design your own interior!

900-910 E. Hamilton Ave

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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.

Montecito Plaza Shopping Center

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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.

5729 Fontanoso

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This low-rise rectangular office project is a single-tenant building that was built in 1999 with 50% office and 50% manufacturing area. Its construction matches well with the future demand in this submarket, which is comprised predominitely of technology (with light manufacturing), defense or biotechnology. This type of asset is extrememly flexible and fits well with the tenants in this submarket.

2170 Hanson

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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

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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.

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.

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.