DRAWBRIDGE REALTY TRUST ACQUIRES FOUR OFFICE BUILDINGS IN COMMERCIAL PROPERTY PORTFOLIO EXPANSION
Three Transactions Increase Firm's Holdings Over 227,600 Square Feet In California
SAN FRANCISCO - January 23, 2013 - Drawbridge Realty Trust has acquired four buildings in San Diego County and Silicon Valley. The acquisitions added over 227,600 square feet to Drawbridge's portfolio, now totaling 1.8 million square feet across the Western United States. The recent purchases occurred after the firm received a $150 million capital infusion from Almanac Realty Investors last September.
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 Corporation and comprise 137,438 square feet. The seller was Menlo Equities, LLC, and no brokers were involved in the off market transaction.
Drawbridge 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.
Drawbridge Realty Trust increased its Northern California holdings by acquiring a two-story office building in Santa Clara. The property is located 3201 Scott Boulevard and was purchased for just under $18 million. The building totals 66,106 square feet and is leased to Advantest America. The seller was also Menlo Equities, LLC.
"We feel that each property is ideally located in its submarket and is well positioned to attract and retain large corporate users," said Mark Whiting, CEO of Drawbridge. "We are looking forward to expanding the firm's portfolio, optimizing potential opportunities through redevelopment, and continuing to invest in quality properties."