Seagate Properties
A Real Property Investment & Operating Company
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.
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.
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 negotiated the purchase of this manufacturing/distribution warehouse facility located on 8.2 acres of land.
The property was acquired at a substantial discount to market value due to the fact that it was encumbered by rents which were 30% below comparable market rental rates.
Seagate identified, negotiated, and structured the purchase of the property on behlaf of an investment client as their investment advisor.
This warehouse and distribution center is located at the intersection of Interstates 680 and 580, a strategic location in a supply-constrained Tri-Valley submarket. The subject property is one of only a handful of warehouse buildings at the 580/680 location. The typical user is a local or national service-oriented, time-sensitive business that is willing to pay a premium to avoid the traffic delays of a Livermore or Central Valley location. Seagate and an institutional joint venture partner acquired the fully-leased building in addition to the adjacent developable land parcel. Upon expiration of the existing tenant’s lease several years later, the venture sold both the building and the land parcel to an owner-user.
Seagate constructed this high cube distrbution warehouse in anticipation of securing up to three tenants. The entitled land had been cquired as part of a larger industrial portfolio. Construction was completed on schedule and slightly under budget.
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.
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.
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.
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.
As a third party manager, Seagate acted as leasing and property manager on this asset on behalf of a public pension fund client. Seagate’s active management and renegotiation of ongoing contract services, combined with an aggressive preventative maintenance program maximized returns to the client and enhanced the overall operations of the property.
Strategically located adjacent to a Seagate owned neighborhood shopping center, this property represented a rare development opportunity in Marin County. Acquired at substantially below market value due to its “Brownfield” status, this formerly underutilized eyesore has been completely remediated, entitled and redeveloped. The new two-building development includes retail and office space with visibility on a major thouroughfare and unobstructed views of Mt. Tamalpais over the San Rafael Canal to the south of the waterfront site.
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.
This 12-story office and retail building is located in the middle of the central business district in downtown Berkeley, California.
This property was purchased from the previous lender, who acquired it through foreclosure. Seagate controlled all aspects of leasing the property during the escrow period, during which Seagate leased 20% of the property.
Several factors made the investment attractive to Seagate including: the significant amount of smaller lease requirements generated by the University of California at Berkeley, the significant barriers to entry for new competition in the immediate area (including a strong “no growth” attitude), and the immediate access to BART located directly in front of the building.
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.
