properties

California: Northpoint Business Park- San Leandro

Gross Building Size: 77,212 sq. ft.

This light industrial property is located on approximately 5.3 acres of land. Eight separate tenants occupied 77% of the space at purchase. The 23% vacancy represented a significant component of the project's upside potential, allowing us to benefit from improving market conditions. Rapidly increasing office rents in this market were perceived to have the effect of forcing many service and sales oriented users to this more cost effective office-flex type of space. Seagate leased all vacant space within six months of purchasing the property thus exceeding the estimated returns to their client.

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