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Investcorp Acquires Mixed-Use Portfolio for $65M

SAN FRANCISCO-The deal represents the largest transaction closed in Northern San Francisco Bay so far this year

By Carrie Rossenfeld | Updated on March 14, 2012

SAN FRANCISCO-The US-based real estate arm of Investcorp, a multinational provider and manager of alternative investment products, has paid $65 million for a portfolio of mixed-use commercial real estate properties in the Northern San Francisco Bay area—an area consistently ranked by institutional real estate investors as one of the top areas for investment within the US. The deal represents the largest transaction closed in the North Bay area so far this year and, according to the company, and demonstrates the firm’s continued selectivity and focus on high-yielding assets.

The predominantly class-A portfolio comprises 14 buildings, including a mix of office, industrial and retail properties concentrated in Petaluma and totaling 840,637 square feet, with properties currently occupied by a diverse group of tenants. In acquiring the portfolio, Investcorp ventured with PB&J Acquisitions, a San Francisco-based real estate owner and operator. Together, the companies will seek to increase the net operating income of the properties by leasing the currently vacant space and by renewing existing tenants.

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