 |
| 3939 North First Street, San Jose, CA |
SAN RAFAEL, CA. (Jan. 17, 2013) W3 Partners, an
institutional real estate investment manager and operating company, has
acquired, on an off-market basis, a 64,336-square-foot, single-story flex-tech
building in San Jose, Calif. from Prologis, in a joint venture with
AllianceBernstein U.S.
Real Estate Partners L.P. Built in 1982 and situated on just
under 4.3 acres, the property is located at 3939 North First Street. The asset is currently vacant and undergoing
improvements.
 |
| Diane Olmstead |
W3 Partners will be the operating partner for 3939 North
First Street and is looking to complete the market-ready improvements for the
property and commence an aggressive lease-up program.
Diane Olmstead, co-founding partner of W3 Partners,
noted that this acquisition is their first co-invest joint venture with
AllianceBernstein U.S. Real Estate Partners L.P.
Olmstead said, “W3 is thrilled to have AllianceBernstein as
a co-investment partner. The formation of this joint venture demonstrates W3’s
current capitalization strategy whereby we consummate transactions using
capital from our original partners, Hunt Realty Investments and Teacher
Retirement System of Texas, which provides the competitive market advantage of
certainty of close.”
For a complete copy of the company’s news release, please
contact:
Darcie Giacchetto
Spaulding Thompson & Associates
949.278.6224
No comments:
Post a Comment