Bahrain’s Investcorp announced that its US-based real estate arm has acquired a portfolio of mixed-use commercial real estate properties in the Northern San Francisco Bay Area for approximately $65 million.
The portfolio includes 14 buildings, and comprises offices, industrial and retail properties at Telecom Valley, totaling 840,637 square feet, the company said in a statement.
The acquisition is the largest transaction closed in the North Bay area so far this year, it added.
“This investment follows another $200 million invested in the US real estate over the last 12 months,” said Khalid Al Rumaihi, managing director at Investcorp and regional head for UAE, said in the statement. “The diverse mix of Class A properties in this portfolio will enable us to pursue selectively value creating options, ” he added.
Investcorp partnered with PB&J Acquisitions, a San Francisco-based real estate owner and operator for the acquisition. The two companies hope to increase the income of the properties by leasing the currently vacant space and by renewing existing tenants, Investcorp said.
In all, the investment company has around $10 billion deployed in the US real estate sector, it said.