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8/04/15
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Ridge Capital Investors has obtained $27.4 mil in non-recourse acquisition financing for Britannia Business Center III, a 191k sf office and R&D portfolio in the Bay Area city of Pleasanton. The REO property was purchased for $35.1 mil.
Britannia Business Center III contains approximately 125k sf of office space and 66k sf of R&D facilities, located in three, non-contiguous, single-story buildings. The R&D holdings are fully occupied by contact lens developer CooperVision Inc. The portfolio is occupied by eight tenants.
Ridge Capital, a San Francisco-based investment and development firm, will invest more than $2.5 mil in capital upgrades. The property will be rebranded as Diablo Technology Center.
Steven Buchwald and Lexington Henn of Mission Capital Advisors secured the non-recourse loan. Will Sledge, Patrick Arnold and Director Gregg Applefield of Mission Capital’s Asset Sales Group brokered the sale.
“With their plans for significant upgrades that will transform the buildings into best-in-class office assets, this was a strategic acquisition for Ridge Capital,” said Sledge. “Additionally, the portfolio’s vacant space is entirely contiguous, and can potentially reach full occupancy by securing a single tenant.”
Situated in Pleasanton, a suburb of San Francisco, the 13-acre portfolio is located within Hacienda Business Park, and neighbors several global technology companies, including AT&T and Hewlett Packard. The well-situated portfolio is near several major airports and highways, and is accessible to San Francisco and Oakland via mass transportation. It is also near a host of choice retail establishments, including restaurants and shopping centers.
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