Seagate Properties
A Real Property Investment & Operating Company
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.
995 Market Street is a 16-story office tower located in the San Francisco’s burgeoning mid-Market corridor on a prominent corner location at Sixth Street just steps from public transportation. The property is undergoing a significant capital improvement program that includes renovating the interiors to appeal to creative and high tech tenants.
995 Market Street is located within the Payroll Tax Exclusion zone, and benefits from the economic incentive plan implemented by the City of San Francisco in 2011 to attract tenants to the mid-Market area. Seagate oversees the maintenance and operation of 995 Market Street, and provides best in class services to all of its tenants.
This premier downtown Berkeley building is located in the heart of the flourishing Arts District, and is within walking distance to BART. Originally built in 1987, 2030-2040 Addison is a 47,600 square foot office building featuring suites with ample glass finishes, operable windows and beautiful views.
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.
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.
