The American section of Investcorp's commercial real estate business recently purchased a portfolio of mixed-use properties in Northern California for approximately $65 million.
The portfolio includes 14 buildings in the greater San Francisco Bay area, according to the report. There is a mix of commercial real estate office, retail and industrial buildings spanning a total of 840,637 square feet.
"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," said 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."
The portfolio purchase also allows Investcorp to partner with PB&J Acquisitions, the report said. The commercial real estate operations firm plans to help Investcorp lease out the remaining space at these properties, as well as help renew contracts for current tenants.
Investcorp is a global company with offices in the United States, the United Kingdom and Bahrain, the report added.