Drawbridge Realty Trust Continues Heightened Activity with Office Purchase in Santa Rosa
- Aug 12, 2013
Drawbridge Realty Trust has made a move into the Santa Rosa submarket with a recently completed double acquisition. The real estate company has paid a purchase fee of $18 million for the two office buildings, an indication that Drawbridge has begun to put its $150 million revolving credit facility to good use. A series of new investments introduced by the REIT are bound to follow as the company will look to expand and improve its current property portfolio. Seller Basin Street Properties was represented in the transaction by Cushman & Wakefield’s San Francisco office.
The two newly acquired assets are located at 3850 and 3880 Brickway Boulevard in Santa Rosa. Both facilities are two-story office buildings, offering a total of 126,585 square feet of space. Constructed in 2001, the buildings are located on a 7.8-acre site at the corner of Airport Boulevard and Brickway Boulevard. The two structures are currently fully leased to Medtronic Vascular, a wholly owned subsidiary of Medtronic, Inc. The tenant has already manifested its commitment to the property, having already invested more than $4 million for a series of improvements at 3880 Brickway.
Drawbridge Realty Trust Vice Chairman, Mark Pearson, mentioned that the move illustrates the company’s current strategy which is “acquiring this premier property with a solid national tenant that perfectly fits our acquisition profile.” According to a press statement released recently, Drawbridge has already closed two quarters reporting sustained acquisitions, with its investment over Q1 and Q2 totaling around $130 million, having already amassed a portfolio of over two million square feet.
Image courtesy of basin-street.com