NEW YORK CITY-Investcorp has acquired a group of high quality office and retail assets, valued at $250 million, in four gateway markets: Chicago, Los Angeles, Minneapolis and New York.
"This acquisition adheres to Investcorp's approach of targeting high quality assets, located in major metropolitan areas characterized by economic growth,” says Herb Myers, managing director in Investcorp's real estate group. “In addition, our approach is to invest in assets that we believe will provide attractive yields soon after they are acquired. We believe these properties also present an opportunity to improve their operating and leasing performance over a longer time horizon."
The following properties comprise a total of more than 1.6 million square feet and have a combined occupancy rate of approximately 92%:
1603 and 1629 Orrington, Evanston, IL: Located in a northern Chicago suburb, this two building office complex encompasses 339,000 square feet and benefits from its close proximity to Northwestern University.
Mountaingate Plaza, Simi Valley, CA: Situated on 25 acres in the greater Los Angeles area, Mountaingate Plaza is a 246,326-square-foot multi-tenant grocery and drugstore anchored retail center with a connecting medical office facility.
Oracle & International Centre, Minneapolis, MN: With a total of 622,000 square feet, this acquisition is comprised of two office towers in Minneapolis' central business district. The office complex is leased by a group of 43 longstanding tenants, including Oracle America.
On Long Island, NY, Investcorp picked up one office property each—all boasting historically high occupancy rates—in Garden City, Mineola and Rockville Centre. The multi-tenanted portfolio is leased to 132 tenants and totals 374,000 square feet. Tenants include local law firms as well as healthcare and technology businesses.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
