Seagate Properties, Inc. announced today that it has acquired Serramonte Plaza through a joint venture, Seagate Buchanan Associates, LLC, for a purchase price of approximately $31 million. Serramonte Plaza is a thirteen-building, mixed-use property on seventeen separate parcels of land located in Daly City, California, just south of San Francisco. The 223,000 square foot project contains more than 94,000 square feet of office space plus the underlying ground lease for a 48,500 square foot office building, and nearly 80,000 square feet of retail and restaurant space.
Wick Polite, a principal at Seagate Properties, commented on the Seagate’s investment strategy, “We
consider Serramonte Plaza to be a very attractive investment as an overlooked and undervalued
property with tremendous intrinsic value, including the opportunity to resell the individual parcels.
Based on the configuration of the property and diversity of its product type, after making a number
of value-added capital improvements, we plan to re-sell the project on a building-by-building basis to
1031 exchange buyers, users, and local private investors.”
The multi-tenant office complex is comprised of five one- and two-story buildings. The retail
component features national, regional, and local tenants. The property is located off Interstate 280
at the intersection of Gellert and Hickey Boulevards in Daly City, San Mateo County’s northern
most city. It is one quarter mile south of Serramonte Center, a regional mall anchored by Macy’s,
Mervyn’s and a newly relocated Target store.
The seller was represented by Mr. David B. Doupé and Mr. Larry Krasner of Insignia/ESG Capital Advisors Group. Mark Polite and Trent Isgrig of Seagate represented itself in the transaction.
Seagate Properties, Inc. is a full service real estate investment and operating company based in San Rafael, California. The Company specializes in institutional and private direct equity investment in office, industrial, multi-family, and mixed-use retail properties. Seagate focuses on achieving consistent investment objectives by acquiring, renovating, managing, and leasing real property located in select urban and suburban markets throughout California. For more information about the Company, visit the Seagate website at www.seagateprop.com.
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