{"id":1004365283,"date":"2019-11-05T01:08:28","date_gmt":"2019-11-05T09:08:28","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004365283"},"modified":"2019-11-05T01:08:28","modified_gmt":"2019-11-05T09:08:28","slug":"kennedy-wilson-buys-bay-area-office-campus-for-115m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/kennedy-wilson-buys-bay-area-office-campus-for-115m\/","title":{"rendered":"Kennedy Wilson Buys Bay Area Office Campus for $115M"},"content":{"rendered":"
\"\"<\/a>

Hamilton Landing. Image courtesy of Kennedy Wilson<\/i><\/p><\/div>\n

Real estate investment firm Kennedy Wilson has acquired an office campus north of San Francisco for $115 million, funding the purchase through the sale of two multifamily communities elsewhere in California and Washington.<\/p>\n

The 1031 exchange transaction<\/a> involved the acquisition of Hamilton Landing, a seven-building, 406,000-square-foot office complex on a former Air Force base in Novato., Calif., roughly 25 miles north of downtown San Francisco. Kennedy Wilson invested $55 million of equity and took on a $60 million interest-only loan at a 4.34 percent fixed rate, maturing in 2025.<\/p>\n

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READ ALSO<\/strong>: Kennedy Wilson Lands $300M Equity Investment<\/a><\/p>\n

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ScanlanKemperBard Cos. (SKB) had acquired the Marin County asset from Barker Pacific Group in 2015 for $84 million, according to Yardi Matrix. The office property sits across 20 acres at 3, 4, 5, 6, 7, 9 and 10 Hamilton Landing. Barker Pacific developed the Class A office property by renovating a set of vacant airplane hangars built in the 1930s and decommissioned in the 1970s. The adaptive reuse project was completed between 2000 and 2008.<\/p>\n

The property overlooks protected wetlands a half mile from the Novato Hamilton station of the Sonoma-Marin Area Rail Transit (SMART). Hamilton Station is 92 percent occupied with a weighted average lease term of 4.5 years. Rents currently stand at a more than 50 percent discount on rents in downtown San Francisco, according to a statement by the buyer.<\/p>\n

Shedding apartment assets<\/h2>\n

As part of the like-kind exchange deal, defined by section 1031 of the IRS Code, Kennedy Wilson generated $63 million for the office acquisition by selling a 50 percent interest in two apartment properties totaling 695 units.<\/p>\n

The company sold ShorePark, a 393-unit apartment community at 7952 Pocket Road in Sacramento, Calif., and Indigo Springs, a 302-unit property at 11101 SE 208th<\/sup> St. in Kent, Wash. Sequoia Equities bought up ShorePark, while Decron Properties acquired Indigo Springs. The assets were sold for a total of $176 million. Kennedy Wilson had managed to boost their net operating income by 95 percent over a 12-year average hold period.<\/p>\n

The New York Stock Exchange-listed company received a $300 million strategic investment led by affiliates of Eldridge Industries last month. In September, a joint venture between Kennedy Wilson and Security Benefit Life Insurance Co. acquired Sunset North<\/a>, a three-building office campus in Bellevue, Wash., for $227 million.<\/p>\n","protected":false},"excerpt":{"rendered":"

The company acquired the seven-building campus in a 1031 exchange, funding the deal with proceeds from the sale of two multifamily communities.<\/p>\n","protected":false},"author":744,"featured_media":1004365304,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21783,21742,21747,1609,15],"tags":[33536,33237,35381],"class_list":["post-1004365283","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-investment","category-latest","category-office","category-san-francisco","category-west","tag-1031-exchange","tag-kennedy-wilson","tag-scanlankemperbard"],"acf":[],"yoast_head":"\nKennedy Wilson Buys Bay Area Office Campus for $115M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/kennedy-wilson-buys-bay-area-office-campus-for-115m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kennedy Wilson Buys Bay Area Office Campus for $115M\" \/>\n<meta property=\"og:description\" content=\"The company acquired the seven-building campus in a 1031 exchange, funding the deal with proceeds from the sale of two multifamily communities.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/kennedy-wilson-buys-bay-area-office-campus-for-115m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2019-11-05T09:08:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/11\/Hamilton-Landing.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Greg Isaacson\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/kennedy-wilson-buys-bay-area-office-campus-for-115m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/kennedy-wilson-buys-bay-area-office-campus-for-115m\/\",\"name\":\"Kennedy Wilson Buys Bay Area Office Campus for $115M - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/kennedy-wilson-buys-bay-area-office-campus-for-115m\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/kennedy-wilson-buys-bay-area-office-campus-for-115m\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/11\/Hamilton-Landing.jpg\",\"datePublished\":\"2019-11-05T09:08:28+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/1a92010198045e41b0b801129a41b3d8\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/kennedy-wilson-buys-bay-area-office-campus-for-115m\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/kennedy-wilson-buys-bay-area-office-campus-for-115m\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/kennedy-wilson-buys-bay-area-office-campus-for-115m\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/11\/Hamilton-Landing.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/11\/Hamilton-Landing.jpg\",\"width\":800,\"height\":620,\"caption\":\"Hamilton Landing. 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