REDWOOD CITY, CA-Beverly Hills, CA-based Kennedy Wilson and its partner have acquired the Pointe at Redwood Shores for approximately $22 million, all cash. Kennedy Wilson invested $11 million of equity in the transaction, with debt financing expected to be arranged post-closing.
The Pointe at Redwood Shores is two class A two-story office buildings situated within the Redwood Shores submarket of Redwood City, located on the San Francisco Bay Peninsula in San Mateo County. The buildings total 89,455 rentable square feet.
Built in 2000, the Pointe offers an unobstructed view of the bay on the north, east and south sides, and the area largely consists of newly built office buildings and affluent residential communities. The property is 80% leased to five tenants.
Kennedy Wilson will employ a value-added strategy to lease up the remaining vacancy at the property.
Kennedy Wilson has been busy as of late, and not just in California. As GlobeSt.com recently reported, the company increased its investments in Salt Lake City, which now total $139 million, including 816 multifamily units and 325,832 square feet of retail properties. The firm just recently acquired Foothill Place, a 450-unit apartment community.
Check back with GlobeSt.com for more on this story, including thoughts from KW Commercial Investment Group president, as well as comments from HFF, which marketed the property on behalf of the seller.
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