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Investcorp Collects $400M of Office & Industrial Assets

Continuing the trend of Middle Eastern investors' US shopping, Bahrain-based asset manager Investcorp dropped roughly $400M total on about 5.5M SF of office and industrial properties in the Atlanta, Boston and San Francisco metro areas.

Brian Kelley, principal of real estate investment at Investcorp, says the company targeted those metro areas because they've had some of the most impressive job and rental growth in recent years. He says the properties are all well-occupied and have strong, stable cash flows from diverse tenant bases.

In Atlanta's Tucker/Stone Mountain submarket, Investcorp and Ackerman & Co. paid $135M for the 4.1M SF, 69-building Stone Mountain Industrial Park, GlobeSt reports. The seller was the original developer, Patillo Industrial Real Estate.

Investcorp also joined forces with Crocker Partners to purchase the two-building, 646,470 SF Paces West office property (pictured) at 2727 Paces Ferry Rd SE for $113M from TIER REIT and Oaktree Capital Management.

In the Boston metro area, Investcorp purchased the Ballardvale office portfolio in Wilmington from AEW Capital Management. The Class-B office park includes 200 Ballardvale St and Ballardvale Office Park. The 567k SF portfolio is 89% occupied, with all types of tenants, from manufacturing and technology to printing/publishing and education.

Investcorp also paid $67M to buy Tower Plaza in the San Francisco submarket of San Mateo, CA, from ScanlanKemperBard and Goldman Sachs. The site's at 2121 S El Camino Real, and consists of a 12-story office tower, three two-story plaza buildings, one single-story plaza building and a five-story parking garage. [GS]