Local Investor Continues to Build its Northern California Portfolio
WALNUT CREEK, CA, March 22, 2018 – Vertical Ventures LLC recently closed on the acquisition of two Class A office buildings in Redwood City for $21,000,000. The buildings are located at 1201 & 1235 Radio Road and are known as The Pointe at Redwood Shores. Constructed in 2000, the buildings total approximately 89,147 square feet, and are currently 86% leased to five different tenants. The anchor tenant – AB Sciex – is a wholly-owned subsidiary of Washington DC-based Danaher (NYSE: DHR), a $60 billion global leader in science and technology. The seller was Beverly Hills-based Kennedy Wilson, which had owned the project since 2013.
Vertical Ventures plans to invest additional capital into the buildings, including new roofs and renovations to building lobbies, common areas, landscaping, and outdoor amenity areas. “This is a small, high-quality project with a strong identity and a growing bio-tech tenancy” says Christopher Aust, head of acquisitions for Vertical Ventures. “We feel like we have a strong basis and the opportunity to continue to strengthen the tenant rent roll” he added.
The property is set-off to the east near the Bay shoreline, relative to the denser Redwood Shores submarket which fronts US Highway 101. While average monthly asking rents for office space in the submarket have pushed through $5.00 per square foot, The Pointe at Redwood Shores is able to offer high-quality space at a substantial discount to the competing product. “We like the competitive position within the market that this project enjoys” says Vertical Ventures’ founder and President, Hamid Rezapour. “And we’re certainly excited to add another high-quality asset to our growing Northern California portfolio” he added. Simon Clark and Matt Mulry of CBRE’s Palo Alto office will continue to handle the leasing assignment for Vertical Ventures.
About Vertical Ventures
Founded in 2004, Vertical Ventures is an established, highly-focused investor, developer and operator of institutional quality commercial real estate assets. The firm concentrates on identifying, acquiring and revitalizing well-located, quality projects that are temporarily undervalued. The firms’ primary focus is on office, R&D and industrial properties in well-established, supply-constrained, submarkets in Northern California. The professionals of the firm average nearly 20 years’ experience transacting and operating real estate and generating attractive investment returns from both institutional and entrepreneurial platforms. Investments are made on a direct and joint-venture basis, in collaboration with select institutional and high-net worth individuals and family offices. More information available at www.verticalventuresllc.com