Seagate Properties

A Real Property Investment & Operating Company

Opportunistic Investment

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.

401-405 River Oaks

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River Oaks consists of two R&D/Office buildings, on 8.21 acres of land. Building 401 was built in 1985 and later renovated in 2011 and contained 81,500 sf of R&D space. Building 405 contains 42,000 square feet and was built in 2001.

The building was previously fully leased to a single tenant, until they vacated. Seagate advised our client to sell the property as a multi-family housing site.

The sale was completed in 2012.

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.

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.

Cascade Park

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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.

Boulder Crescent

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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.

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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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.

Ridgeview Place

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A value-added purchase of a 336-unit apartment community situated on a 25.1 acre site. The property, built in 1984, has 45% one-bedroom units, 48% two-bedroom units and 7% three-bedroom units. The property is extrememly unique in this market due to its extrememly low density of only 13.4 units per acre, a tremendous location immediately adjacent to a 740 acre city park, and a very large average unit size of 883 square feet. Substantial rehabilitation of the property was completed including upgrades to all common areas, a total rennovation o the clubhouse and leasing offices and substantial upgrades to the unit interiors.