The U.S.-based office of Bahrain-headquartered Investcorp has announced the acquisition of a $65 million portfolio of mixed-use commercial real estate properties in the northern San Francisco Bay Area.
According to the company, Investcorp's acquired portfolio comprises 14 buildings, including a mix of office, industrial, and retail properties concentrated in Petaluma, Calif., totaling 840,637 square feet. In acquiring the portfolio, Investcorp ventured with PB&J Acquisitions, a San Francisco-based real estate owner and operator.
‘This acquisition of a diverse group of Class A properties presents a unique opportunity to generate solid income returns while also advancing leasing and operating income over a longer time horizon,’ says Herb Myers, a managing director in Investcorp's real estate team. ‘The multi-assets nature of this portfolio should also enable us to pursue, opportunistically, a number of value creating options.’