Investcorp Acquires Mixed-Use Portfolio for $65M – Daily News Article

Thu, 15 Mar 2012 15:52:18 +0000

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Investcorp managing director Herb Myers
calls the acquisition ?a unique opportunity to
generate solid income returns while also
advancing leasing and operating income
over a longer time horizon.?

SAN FRANCISCO-The US-based real estate arm of Investcorp, a multinational provider and manager of alternative investment products, has paid $65 million for a portfolio of mixed-use commercial real estate properties in the Northern San Francisco Bay area—an area consistently ranked by institutional real estate investors as one of the top areas for investment within the US. The deal represents the largest transaction closed in the North Bay area so far this year and, according to the company, and demonstrates the firm’s continued selectivity and focus on high-yielding assets.

The predominantly class-A portfolio comprises 14 buildings, including a mix of office, industrial and retail properties concentrated in Petaluma and totaling 840,637 square feet, with properties currently occupied by a diverse group of tenants. In acquiring the portfolio, Investcorp ventured with PBJ Acquisitions, a San Francisco-based real estate owner and operator. Together, the companies will seek to increase the net operating income of the properties by leasing the currently vacant space and by renewing existing tenants.

“This acquisition of a diverse group of class-A properties presents a unique opportunity to generate solid income returns while also advancing leasing and operating income over a longer time horizon,” says Herb Myers, a managing director in Investcorp’s real estate team. “The multi-assets nature of this portfolio should also enable us to pursue, opportunistically, a number of value-creating options.” Myers could not be reached by GlobeSt.com before deadline to elaborate on the options mentioned, the seller, financing details of the purchase, the age of the properties involved or the company’s long-term plans for the portfolio.

The location of this investment builds on an established Investcorp focus on properties in close proximity to major US markets, but in submarkets where secure investments at attractive valuations are easier to find. In line with this strategy, Investcorp closed two Greater-L.A.-area transactions in 2011: the Park Tower office complex in Long Beach and the Residence Inn Manhattan Beach. These were complemented by additional transactions in Princeton, NJ, and in the corridor between West Palm Beach and Ft. Lauderdale, FL.

Categories:

West,
Industrial,
Office,
Retail,
Acquisitions/Dispositions,
San Francisco

Carrie Rossenfeld Carrie Rossenfeld is a reporter for the West Coast region of GlobeSt.com and Real Estate Forum. She was a trade-magazine and newsletter editor in New York City for 11 years before moving to Southern California in 1997 to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics ranging from intellectual-property licensing and giftware to commercial real estate. She recently edited a book about profiting from distressed real estate in a down market and has ghostwritten a book about starting a home-based business.

Article source: http://www.globest.com/news/12_307/sanfrancisco/acquisitions_dispositions/Investcorp-Acquires-Mixed-Use-Portfolio-for-65M-319616.html

Investcorp acquires $65m US properties

Tue, 13 Mar 2012 09:40:52 +0000

Investcorp acquires $65m US properties

Manama:

Bahrain-based Investcorp, a leading provider and manager of alternative investment products, has acquired a portfolio of mixed-use commercial real estate properties in the Northern San Francisco Bay Area in the US.

In the largest transaction closed in the North Bay area so far this year, Investcorp’s US-based real estate arm acquired the properties for approximately $65 million, said a statement.

The predominately Class A portfolio comprises 14 buildings, including a mix of office, industrial, and retail properties concentrated in Petaluma, also known as Telecom Valley, totaling 840,637 sq ft.

In acquiring the portfolio, Investcorp ventured with PBJ Acquisitions, a San Francisco-based real estate owner and operator. Together Investcorp and PBJ will seek to increase the net operating income of the properties by leasing the currently vacant space and by renewing existing tenants.

Mohammed Al Shroogi, Investcorp’s president for Gulf Business, said: “Investcorp Real Estate has over 16 years of experience and has completed transactions totaling over $10 billion. In the last 12 months alone, Investcorp has deployed more than $200 million of capital in US real estate including two other acquisitions in the greater Los Angeles area.” – TradeArabia News Service

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Investcorp Acquires Mixed-Use Portfolio for $65M – Daily News Article

Investcorp acquires $65m US properties