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November 21, 2019
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Kennedy Wilson Acquire s 406k sf Bay Area Office Campus in $115 Mil Transaction

11/04/19

Kennedy Wilson has acquired Hamilton Landing, an institutional quality, 406k sf office campus with seven buildings across 20 acres in Marin County, for $115 mil ($283/sf). The company invested $55 mil of equity and assumed a $60 mil interest-only loan at a fixed rate of 4.34%, maturing in 2025.

The property was sold by by Portland-based ScanlanKemperBard Companies, who purchased the asset in 2015 for approximately $82 mil. The seller at that time was Barker Pacific Group.

Hamilton Landing, located in the city of Novato, was built in the 1930’s as an Air Force base, decommissioned in the 1970’s and then converted into Class A creative office space in phases between 2000 and 2008. Hamilton Landing is 92% occupied with a weighted average lease term of 4.5 years. Rents are currently priced at a greater than 50% discount to rents in Downtown San Francisco.

Kennedy Wilson acquired Hamilton Landing through a 1031 exchange with proceeds generated from the recent sale of two multifamily properties: ShorePark, a 393-unit apartment community in Sacramento, and Indigo Springs, an apartment community with 302 units in Kent, WA. The company had a 50% interest in these two assets, which were sold for $176 mil and generated cash to Kennedy Wilson of $63 mil. Kennedy Wilson increased net operating income by 95% at the properties over the 12-year average hold period. Kennedy Wilson’s share of estimated annual NOI at the two sold multifamily properties was approximately $5 mil and is approximately $8 mil at Hamilton Landing.

“The acquisition of Hamilton Landing feeds into our ongoing focus on improving the quality of the portfolio, and trading into assets with strong cash flow and high growth potential,” said William McMorrow, Chairman and CEO of Kennedy Wilson. “We are pleased with the value we added to our recently sold multifamily assets over our ownership period and encouraged by the opportunities that this supply constrained commercial market presents, including the relative affordability of rents compared to San Francisco.”

Hamilton Landing is located approximately 25 miles north of Downtown San Francisco with proximity to some of the Bay Area’s most desirable neighborhoods and access to many transit options, including a SMART train station located half of a mile from the property. The site overlooks protected wetlands and includes amenities including outdoor paths, bike racks, locker rooms and a café. The Kennedy Wilson team also has the opportunity to develop additional amenities or office space on a vacant parcel where an eighth hangar can be built.




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