SAN FRANCISCO, CA, Sept. 6, 2011 – Newcastle Partners, Inc., a San Francisco-based real estate investment and development company, has ramped up investment activity in major Northern and Southern California markets over the past six months with the acquisition of three value-add properties totaling 390,000 square feet and a five-acre land acquisition for development. The Northern California transactions include:
Great America Place, a three-building, 225,000-square-foot Class-A office project located at 5200 Great America Parkway and 2903 and 2933 Bunker Hill Lane in Santa Clara, Calif. Newcastle Partners partnered with Pearlmark Investment Management (formerly Transwestern Investment Management) on the acquisition. The property is 95 percent occupied and is located in one of Silicon Valley’s most desirable submarkets.
555 Clay Street, 5,000-square-foot Class A office building situated at the intersection of the Jackson Square Area and the San Francisco Financial District. The property will be extensively renovated and marketed for sale or lease.
The Southern California transactions are both located within the Inland Empire region and include:
Corona Gateway (lower left photo), a three-story, Class A office building totaling 68,000 square feet. Built in 2008, the property is located at 4740 Green River Road directly off the 91 Freeway in Corona, Calif. The bank-owned property was 25 percent occupied at the close of escrow. Newcastle Partners acquired the REO property with capital partner HG Capital.
A five-acre land parcel in Ontario, Calif. for the development of a 91,000-square-foot, state-of- the-art distribution facility.
“California is a large, diverse and exciting economy. That’s why we’re a California-focused investor and developer. We see tremendous opportunities here for both under-valued existing assets as well as land for development,” said Dennis Higgs, founder and CEO of Newcastle Partners.
Higgs added that Newcastle Partners is currently under negotiation or in escrow on five additional assets within California. The firm seeks to acquire a minimum of three to five properties in key markets by year end.
Founded in 1999, Newcastle Partners, Inc. is a real estate investor and developer focused on quality industrial, office and business park properties in California. Newcastle Partners has a proven track record of creating substantial value. Newcastle Partners has offices in Irvine and San Francisco, California, and currently owns or has recently developed in partnerships more than $728 million of properties.
Visit Newcastle Partners at www.newcastlepartners.com.
Media Contact: Darcie Giacchetto, Spaulding Thompson & Associates,
949-278-6224
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