ScanlanKemperBard Companies (SKB), a Portland-based industry leader in acquiring and re-positioning real estate projects, has recently acquired Hamilton Landing, a landmark creative office campus in Novato, Calif. The property totals 406,355 square feet of space and consists of seven fully-renovated, two-story office buildings formerly used as aircraft hangars. This acquisition marks 1.4 million square feet of space the company now owns in the Bay Area market. The terms of the deal were not disclosed.
“This investment reaffirms our commitment to growing our Bay Area footprint,” said Todd Gooding, president and chief investment officer at SKB. “Our commitment to finding unique assets in niche markets with distinctive architectural detail is what distinguishes us in this industry. We understand today’s tenants do not simply want a place to work – they want an office experience that helps them live more productive lives. Architecturally unique properties like Hamilton Landing help cultivate creativity and productivity among tenants.”
Hamilton Landing was originally developed as a United States Air Force Base in 1936. The hangars on site were converted to office space in 2000. This unique retrofit has resulted in a coveted office space in Marin County. It is within walking distance of Sonoma-Marin Rail Transit (SMART) line, which is expected to be operational in 2016 and will provide a transit option rarely available in suburban areas.
SKB makes private investments to acquire commercial real estate properties throughout the western U.S. To date, it has invested in a wide variety of commercial properties throughout the west and most recently in Portland, Phoenix, Denver, Seattle and the San Francisco Bay Area. In the last nine months, SKB has made $418 million in real estate acquisitions, including the recent $43 million recapitalization of Westgate Center, a uniquely designed mixed-use project in San Leandro, CA.
“With all the growth we have seen in the Bay Area over the last couple of years, this is a huge target market for us,” said Robert D. Scanlan, chief executive officer at SKB. “Hamilton Landing uniquely represents SKB’s philosophy and is nothing short of the type of design we pride ourselves in supporting.”
SKB is an established real estate merchant banking firm based in Portland, Oregon. Since its inception in 1993, SKB has originated total portfolio activity of $3.5 billion comprised of 25.7 million square feet of office, industrial and retail space and 2,055 residential units plus hospitality in 2014. With longstanding relationships in each of our markets, SKB has the ability to source, structure and execute value creation across a wide spectrum of real estate opportunities.