CAPRE’s Commercial Real Estate Headlines for November 4, 2019

Check out the latest deals and developments in commercial real estate for November 4, 2019: Kennedy Wilson Acquires 406,000 Square-Foot San Francisco Bay Area Office Campus for $115 Million USD: Global real estate investment company Kennedy Wilson has acquired Hamilton Landing, an institutional quality, wholly owned office campus with seven buildings across 20 acres in Marin County, California for $115 Million USD. The Company invested $55 Million USD of equity and assumed a $60 Million USD interest-only loan at a fixed rate of 4.34% maturing in 2025. Hamilton Landing was built in the 1930’s as an Air Force base, decommissioned in the 1970’s and then converted into Class A creative office space in phases between 2000 and 2008. Kennedy Wilson acquired Hamilton Landing through a 1031 exchange with proceeds generated from the recent sale of two multifamily properties: ShorePark, a 393-unit apartment community in Sacramento, California, and Indigo Springs, an apartment community with 302 units in Kent, Washington. The Company had a 50% interest in these two assets, which were sold for $176 Million USD and generated cash to Kennedy Wilson of $63 Million USD. UNIQLO becomes first tenant for Philipsburg Industrial Property: Trendy Japanese retailer UNIQLO has signed a major industrial lease deal at Bridge Development Partners’ Bridge Point 78 development. While Bridge Development did not divulge the exact size of the lease transaction at the former Ingersoll Rand site, in Lopatcong Township and Phillipsburg, the Chicago-based firm states…