Friday, January 18, 2013

W3 Partners and AllianceBernstein U.S. Real Estate Partners L.P Form Joint Venture to Acquire 64,336 SF Flex-Tech Building in San Jose, CA


  
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

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