Wednesday, May 8, 2013

HFF closes $22 million sale of Class A office campus in Redwood City, CA




                     The Pointe at Redwood Shores, Redwood City, CA

  
SAN FRANCISCO, CA – HFF announced today that it has closed the sale of The Pointe at Redwood Shores, an 89,895-square-foot, Class A office campus in Redwood City, California.

Dave Karol
HFF marketed the property on behalf of the seller, a joint venture between Angelo Gordon & Co. and Premia Capital.  Kennedy Wilson International purchased the property for $22 million free and clear of existing debt.

Renovated in 2012, the two-building campus is situated on 4.28 acres and is approximately 80 percent leased to five tenants including AB Sciex (anchor). 

The building is located at the intersection of Redwood Shores Parkway and Radio Road providing views of the San Francisco Bay and is in close proximity to US Highway 101 and Route 92, which provides access to the San Francisco Peninsula, Silicon Valley and East Bay areas.

Michael Leggett
The HFF investment sales team representing the seller was led by director Dave Karol along with senior managing director Michael Leggett, managing director Steven Golubchik and associate director Mark Damiani.

“The San Francisco Peninsula area benefits from its proximity to a multitude of technology driven businesses, and the area has seen strong demand as the market continues to recover.  The buyer will undoubtedly benefit from the property’s potential for leasing up the remaining vacancy at current market rates,” commented Karol.

Steve Golubchik
Angelo, Gordon & Co. is a privately-held investment advisor specializing in alternative investments such as real estate, distressed debt, and private equity. The firm was founded in 1988 and currently manages approximately $25 billion.

Premia Capital is a commercial real estate investment company headquartered in San Francisco.  The company was founded by Michael Halow in 2009 and now owns and operates more than 275,000 square feet of Class A office property on the San Francisco Peninsula. 

Mark Damiani
Premia specializes in value-add and core-plus office investing, providing all construction, leasing and asset management services for its investments.   

For a complete copy of the company’s news release, please contact:

Olivia Hennessey
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

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