Westcore Properties and Longwing LLC acquires 15-BUILDING OFFICE / R&D PORTFOLIO IN NORTHERN CALIFORNIA FOR $105 MILLION
The Acquisition Totals 726,707 Square Feet Properties Located in Foster City, Redwood City and San Jose
SAN FRANCISCO, CALIF., July 28, 2005 – The San Francisco office of Westcore Properties, LLC, an entrepreneurial real estate investment company, and its partner in the transaction, Longwing Real Estate Ventures, member of the Dubai Investment Group, announced today the acquisition of a 15-building, 726,707-square-foot office / R&D portfolio for $105 million. The buildings are located in San Jose, Foster City and Redwood City. This transaction brings Westcore Properties's total Northern California acquisition activity to in excess of $256 million over the past nine months. The seller was Chicago-based Equity Office. Bob Gilley, Steve Hermann, Erik Doyle and Bob Steinbock of CB Richard Ellis represented Westcore Properties as well as the seller in the transaction.
"This large acquisition is evidence that Westcore continues to be bullish in the Northern California market," said Donald Ankeny, president and CEO of Westcore Properties. "We are optimistic on this region's gradual recovery and feel comfortable about underwriting this opportunity as well as those in the future."
The portfolio is 83 percent occupied, and the buildings are in excellent condition and were constructed between 1982 and 1996. Following is information on the acquired properties:
Vintage Park, Foster City
- 323 Vintage Park Drive– a 25,503-square-foot office/R&D building
- 353, 363, 373 and 383 Vintage Park Drive– four office/R&D buildings totaling 97,752 square feet
- 393 Vintage Park Drive – a 38,839-square-foot office building
Bayside Corporate Center, Foster City
- 110 Marsh Drive & 100 Foster City Blvd– two office buildings totaling 84,925 square feet
Shoreline Center, Redwood City
- 130 – 150 Shoreline Drive – a 78,022-square-foot office building
Creekside Technology Center, San Jose
- 880 & 1001 Ridder Park – four office buildings totaling 208,433 square feet
- 1730 & 1733 Fox Drive – two office buildings totaling 193,233 square feet
"Westcore acquired this portfolio due to the high quality of buildings and their strategic location within their respective submarkets," said Neil Johnson, director of acquisitions, Northern California for Westcore Properties "The mid-peninsula portion of the portfolio which includes the Foster City and Redwood City properties is comprised of multi-tenant buildings ranging in size from 25,000 to 40,000 square feet. The properties are ideally located to capitalize on the area's burgeoning life science companies. Additionally, the tenant spaces are highly improved and many contain lab spaces and other improvements conducive to life science related uses.
Johnson added that the mid-peninsula's location between San Francisco and San Jose and its proximity to the area's freeway network provided unmatched access to the local labor pool, venture capitalists on Sand Hill Road and the affluent neighborhoods of Atherton, Woodside and Hillsborough.
The second half of the portfolio, Creekside Technology Center, is located in San Jose at the intersection of Brokaw and the 880 Freeway. Creekside offers both income from in-place leases and upside through potential rezoning, releasing, parcelization and individual building sales to users. Additionally, the buildings' visibility off of the 880 Freeway will give the park a competitive advantage in the marketplace.
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