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Barker Pacific Group's Hamilton Capital Partners acquires Fully leased Milpitas building
MILPITAS, CA - JULY 24, 2003- The Kaiser Building, a 59,262 square foot, fully leased, building, on South Milpitas Boulevard has been acquired by Los Angeles-based Hamilton Capital Partners, an affiliate of Barker Pacific Group. The one-story building is strategically located in the middle of four major transportation arteries, Interstate 680, Montague Expressway, Interstate 580 and Highway 237. The circa 1986 building got its name because Kaiser Foundation Health Plan leases 41,190 square feet of the building.
The Kaiser Building is Barker Pacific's first entry into the South Bay/San Jose real estate market. "This building was attractive to us because we believe in the long term viability of the San Jose market and the fact that a major tenant occupies most of the project," said Michael Barker, managing director for Barker Pacific Group. "The South Bay economy has a long way to go before it comes back strong but the long term real estate values of smaller buildings such as this one will remain strong because they are appealing to a certain tenant profile making it an attractive investment."
Sam Wright from Cornish and Carey Commercial was the listing agent on the property. Hamilton Capital Partners and Barker Pacific Group represented themselves in the transaction. Johnson Capital Group of Irvine coordinated the financing.
Barker Pacific Group, Inc. is a firm comprised of experienced real estate professionals active in asset management, acquisitions and development of major commercial projects. The company was founded 20 years ago to specialize in the development and acquisition of institutional quality office, retail, and residential projects in selected U.S. cities. As a developer, Barker Pacific Group has completed or has under development or redevelopment in excess of $985 million in commercial projects including the award winning Hamilton Landing, a 550,000 square foot Class-A office conversion project, on Hamilton Air Force Base in Marin County, California.
Hamilton Capital Partners is an affiliate of Barker Pacific Group and will serve as the manager of the Hamilton Capital Partners Fund 2002, a private investment fund formed to acquire office and industrial projects in California. The Chamber Building is the first acquisition for the private real estate fund. Several of Barker Pacific Group's other notable projects include: 100 First Plaza and 500 Sansome Street in San Francisco, The Fine Arts Building and 5055 Wilshire Boulevard in Los Angeles and The Miami Basketball Arena and Columbus Center in Florida. The firm has offices in Los Angeles and Marin County.
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