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.
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.
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.