SAN FRANCISCO — Drawbridge Realty Trust has acquired four office buildings in San Diego County and Silicon Valley in three separate transactions totaling $73 million. The acquisitions add more than 227,600 square feet to Drawbridge Realty’s portfolio, which includes 1.8 million square feet across the western United States.
The recent purchases occurred after the privately held San Francisco-based real estate investment and development firm received a $150 million capital infusion from Almanac Realty Investors in September 2012.
Three properties were purchased in San Diego submarkets. Two buildings of the Discovery Corporate Center campus, located at 11020 Via Frontera Drive and at 16465 Via Esprillo in Rancho Bernardo, were acquired for $53 million. The two properties are leased to Broadcom Corp. and comprise 137,438 square feet. Menlo Equities LLC was the seller. No brokers were involved in the off-market transaction.
Drawbridge Realty also acquired a vacant life sciences building in San Diego County’s Sorrento Mesa area, located at 6550 Nancy Ridge Drive. The 24,117 square-foot building was acquired for approximately $2 million and will be redeveloped to attract a corporate user.
The company increased its Northern California holdings by acquiring a two-story office building in Santa Clara. The property, which is located at 3201 Scott Blvd., was purchased for just under $18 million. The building totals 66,106 square feet and is leased to Advantest America. Menlo Equities was the seller.
“We feel that each property is ideally located in its submarket and is well positioned to attract and retain large corporate users,” says Mark Whiting, CEO of Drawbridge Realty. “We are looking forward to expanding the firm’s portfolio, optimizing potential opportunities through redevelopment, and continuing to invest in quality properties.”
Drawbridge Realty targets commercial property investments in select markets across the western United States. The company pursues properties suited to large corporate tenants, with an emphasis on fully occupied buildings, as well as properties that are ready for new development, redevelopment or conversions to higher and better uses. The firm currently holds properties in Silicon Valley; San Diego; Austin, Texas; and Salt Lake City, Utah.
Whiting and Mark Pearson founded Drawbridge Partners, the predecessor to Drawbridge Realty Trust, in 1999. The partners have a history of assisting major public and private corporations and institutional owners of commercial property with their real estate needs while creating value for investors.
Drawbridge has completed transactions with major corporations including Alza, Angiotech Pharmaceuticals, Bell Industries, Cell Genesys, Google, Equifax, Johnson & Johnson, L-3 Communications, Lockheed Martin, Stanford University, Unisys, the U.S. Postal Service, and WilmerHale.
— Matt Valley