SV10 - Silicon Valley, CA
Local Capital Group invested in and became the Operating Partner in December 2018 and sold the final assets in June 2021. SV10 was comprised of 10 building Industrial / R&D portfolio totaling 746K sq ft throughout Silicon Valley, namely Fremont, Milpitas and San Jose. The properties were 86% occupied at the time of acquisition with varying lease expirations and tenants upon investment.
The R&D and Industrial buildings are located in prime locations with key industrial attributes: loading, power and clear height. Silicon Valley was affected by an overriding theme of converting industrial into office and/or residential. With a decreasing supply of Industrial and R&D, SV10 buildings were poised to be leased with strong rental growth.
The investment plan was successfully executed in renewing tenants at market rent, completing deferred capital, small vacancy reduction and working with existing tenants to provide best in class space and service as an owner and property manager.
Acquisition in 2018
Exited in 2021