Environs
Environs is a value-add purchase of a low-density, 318 unit apartment complex, built in 1984 and located in the city of Westminster. Environs is ideally situated to benefit from a value-add renovation program due its central location, large units, and strong demographics. Environs has a unique unit mix consisting of 100 apartments, 94 townhomes, 71 patio homes and 43 single family homes. With 208 larger town, patio and single family homes, and 110 apartments that average 1,100sf, Environs offers a unit mix and product unlike any other in the marketplace. The average unit size for the Property is in excess of 1,200 square feet. The previous owner renovated 49 units and achieved a rent premium of $150-$200 per month. There is tremendous upside opportunity to upgrade unit interiors, common areas, and amenities. Seagate is budgeting approximately $3,000,000 in capital improvements ($9,434/unit) including 60 custom unit upgrades, siding repairs, exterior paint, pool/clubhouse upgrades, landscaping improvements, and common area improvements.
44 Montgomery
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
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
San Rafael Corporate Center
San Rafael Corporate Center (SRCC) is a Class A, LEED Gold certified office campus situated on a landscaped 13 acre site in Central San Rafael, California. The property consists of four office buildings, two of which were initially developed in 2001. Seagate and a joint venture partner acquired two existing buildings and developed Phase Two of the property in 2010. Phase Two, consists of two, four-story Class A, LEED Gold certified office buildings, plus a four-story, 399 stall parking garage. The property has additional entitlements to develop approximately 89,000sf office building and one additional 615 stall parking structure. Seagate managed the following projects:
- Developed 158,000 square feet of two new Class A office buildings and an associated 400 stall parking structure (Phase Two) on time and on budget – $62M
- Established EB-LEED Gold status to the existing 152,000 square feet Class A office buildings (Phase One)
- Managed and administered all entitlements with the City of San Rafael related to development and construction of the third and final phase of SRCC development for an 85,000 square feet Class A office building plus an approximately 600 stall parking structure.
- Achieved highest Energy Star rating available
The property was sold in 2014 to BioMarin as their new corporate headquarters.
2465 Latham
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.
2850 Telegraph
Located on Telegraph Avenue in close proximity to both University of California Berkeley and Alta Bates Medical Center, this building had been occupied as a single-tenant facility for nearly thirty years, and suffered from capital starved, dysfunctional ownership. Seagate acquired the property with the strategy of completing a major seismic upgrade and repositioning as a multi-tenant office building to serve the needs of the adjacent medical and educational community. Seagate subsequently sold the property to the University of California, Berkeley and it is used as administrative offices for Boalt Law School.
5729 Fontanoso
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.
Belmar Villas
A value-add purchase of a 318 unit apartment community, built in 1975 and substantially renovated in 1991, on a 18 acre site. The 318 units include 26% one-bedroom units, 51% two-bedroom units, and 23% three-bedroom units. Located adjacent to the nationally recognized 104 acre Belmar redevelopment, there was tremendous upside opportunity to upgrade common area unit interiors and remain the “low cost leader” with all the amenities of newer product. Along with 20% of the unit interiors, the capital improvement plan included significant clubhouse, pool, spa, landscaping and building exterior improvements.
Berkeley Central
This purchase of four contiguous office buildings located in the heart of downtown Berkeley, California was sourced as a single transaction by Seagate.
Seagate was attracted to the opportunities presented by the below-market income stream combined with an attractive intrinsic price.
The close proximity to BART and the University of California also weighed favorably in our decision to pursue this property. Seagate served redevelopment approvals of this 25,000 square foot site that resulted in construction of 152 Class A apartments.
Serramonte Plaza
Seagate purchased this mixed-use project, consisting of 14 individual properties, as a single acquisition. Substantial value was created by arbitraging cap rates through an indivuual resale program, offering smaller properties to individual investors and 1031 exchange buyers.
The property enjoys high visibility from Highway 280, benefits from easy freeway access, and has ample parking for the professional corporations, retail users, and medical tenants.
2950 Zanker
This R&D building, located on 4.3 acres of land in the heart of the Silicon Valley, was acquired through a 1031 tax deferred exchange. The facility was substantially renovated and improved at the tenant’s expense as a web-hosting facility.
A leader in the web-hosting industry, this facility represents the “backbone” of the tenant’s business. Seagate impemented a strategy of making a pre-emptive bid, below replacement cost, on this well located property before it was widely marketed.
2170 Hanson
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
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.
