Investcorp, a leading provider and manager of alternative investment products, announced today that its US-based real estate arm has acquired a group of high quality office and retail assets in the greater\u00a0Chicago,\u00a0Los Angeles,\u00a0Minneapolis\u00a0and\u00a0New York\u00a0areas valued at\u00a0$250 million.<\/p>\n
“This acquisition adheres to Investcorp’s approach of targeting high quality assets, located in major metropolitan areas characterized by economic growth. In addition, our approach is to invest in assets that we believe will provide attractive yields soon after they are acquired,” said\u00a0Herb Myers, managing director in Investcorp’s real estate group. “We believe that these properties also present an opportunity to improve their operating and leasing performance over a longer time horizon.”<\/p>\n
The following properties comprise a total of more than 1.6 million square feet and have a combined occupancy rate of approximately 92 percent.<\/p>\n
1603 & 1629 Orrington,\u00a0Evanston, Illinois: Located in\u00a0Chicago’s\u00a0northern suburbs, this two building office complex encompasses 339,000 square feet and benefits from its close proximity to\u00a0Northwestern University. The city of\u00a0Evanston\u00a0has a thriving business district, is well-served by public transportation and is in close proximity to the\u00a0City of Chicago.<\/p>\n
Mountaingate Plaza,\u00a0Simi Valley, California: Situated on 25 acres in the greater\u00a0Los Angeles\u00a0area, the second largest metropolitan area in the U.S., Mountaingate Plaza is a multi-tenant grocery and drugstore anchored retail centre with a connecting medical office facility located in\u00a0Simi Valley, CA.\u00a0The 246,326 square foot property has access to a number of highways connecting to San Fernando Valley and local residential neighbourhoods.<\/p>\n
Oracle & International Centre,\u00a0Minneapolis, Minnesota: With a total of 622,000 square feet, this acquisition is comprised of two Class A–<\/sup>\/B+<\/sup>\u00a0office towers in the heart of\u00a0Minneapolis’s\u00a0central business district. The office complex is leased by a group of 43 longstanding tenants, including Oracle America.<\/p>\n Long Island Office Portfolio (Garden City,\u00a0Mineola\u00a0and\u00a0Rockville Centre)\u00a0New York: Located on\u00a0Long Island, with access to mass transportation and major roadways connecting to\u00a0New York City, these three office properties have displayed historically high occupancy rates. The multi-tenanted portfolio is leased to 132 tenants and totals 374,000 square feet. Tenants include many local law firms as well as businesses in the healthcare and technology industries.<\/p>\n Since 1995, Investcorp has acquired more than 200 properties with a total value of approximately\u00a0$10 billion. The firm currently has more than\u00a0$4 billion\u00a0of property and debt funds under management.<\/p>\n","protected":false},"excerpt":{"rendered":" Investcorp, a leading provider and manager of alternative investment products, announced today that its US-based real estate arm has acquired a group of high quality office and retail assets in the greater\u00a0Chicago,\u00a0Los Angeles,\u00a0Minneapolis\u00a0and\u00a0New York\u00a0areas valued at\u00a0$250 million. “This acquisition adheres […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13,4],"tags":[],"class_list":["post-38964","post","type-post","status-publish","format-standard","hentry","category-press-releases","category-syndicated"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/38964","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=38964"}],"version-history":[{"count":1,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/38964\/revisions"}],"predecessor-version":[{"id":38965,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/38964\/revisions\/38965"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=38964"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=38964"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=38964"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}