DRAWBRIDGE REALTY TRUST ACQUIRES TWO OFFICE BUILDINGS LEASED TO MEDTRONIC VASCULAR
Firm Taps New $150 Million Credit Facility from KeyBank
Santa Rosa, CA - August 5, 2013 - Drawbridge Realty Trust has acquired 3850 and 3880 Brickway Boulevard in Santa Rosa, CA for $18 million. This purchase is the first of many planned Drawbridge acquisitions utilizing the $150 million revolving credit facility recently secured through KeyBank National Association. The two, 2-story office buildings are located on 7.8 acres and comprised of 126,585 square feet. Located on the corner of Airport Blvd and Brickway Blvd, the buildings are 100 percent leased to Medtronic Vascular, a wholly owned subsidiary of Medtronic, Inc. (NYSE: MDT). Both buildings were built in 2001, and the tenant has recently invested more than $4 million to install new improvements in 3880 Brickway, indicating a continued long-term commitment to the property. Cushman & Wakefield's San Francisco office represented the seller, Basin Street Properties.
"Acquiring this premier property with a solid national tenant perfectly fits our acquisition profile," said Mark Pearson, Vice Chairman of Drawbridge Realty Trust. "With its high quality construction, and a prominent location in a growing market, we saw this property was a good fit for our portfolio."
Drawbridge's acquisition activity during the last two quarters exceeds $130 million, and its total portfolio now comprises over two million square feet. In the fourth quarter of 2012, Drawbridge acquired six properties located in Northern and Southern California. Three of the properties are located in the Silicon Valley and the remaining three properties are in the San Diego area. The acquisition of the Brickway properties in Santa Rosa is consistent with Drawbridge's practice of acquiring strategically located properties leased to major corporations.