“Lake Amir is well-leased with a diverse occupancy including financial, medical, professional services and governmental tenancy as well as a growing technology presence.” Gordon Hess, Principal and Director of Acquisitions for Ellis Partners
San Bruno, CA (PRWEB) November 01, 2012
San Francisco-based Ellis Partners LLC announced that it has acquired the three-building 147,555 square foot project known as the “Lake Amir Office Park” located in the Bayhill Office Park in San Bruno, California.
The acquisition represents the second purchase by commercial developer/investor Ellis Partners with capital partner Artemis Real Estate Partners, in its Emerging Manager Program with New York State Common Retirement Fund. The venture’s first acquisition was the 228,110 square foot EmeryTech Building, in Emeryville, California which recently closed.
“We are pleased that Ellis Partners was able to identify a second high-quality asset for acquisition by the separate account following our EmeryTech purchase”, said Deborah Harmon, Co-founder and CEO of Chevy Chase, Md. –based Artemis, which oversees the $300 million separate account for New York Common, the nation’s third largest pension fund. Ellis Partners was selected in early 2012 as one of the first venture partners for the Artemis/New York Common enhanced core investment program.
“Lake Amir is well-leased with a diverse occupancy including financial, medical, professional services and governmental tenancy as well as a growing technology presence which makes it a good fit for the enhanced core separate account”, said Gordon Hess, Principal and Director of Acquisitions for Ellis Partners. “That diversity, coupled with its attractive setting and exceptional access to transportation and shopping and service amenities has made it a compelling location for tenants over multiple market cycles and positions it to capture improving rents as the Peninsula market strengthens”.
Ellis Partners continues to seek additional opportunities in the Bay Area for the Emerging Manager Program, which generally targets the placement of $15 to $30 million of equity per investment. “Ellis Partners is very pleased that our partnership with Artemis will enable us to build a core plus portfolio to complement our existing value add and opportunistic investment strategies”, said co-managing principal, Melinda Ellis Evers. “Our venture partner brings both financial strength and investment experience to the table in this investment category and we look forward to adding additional properties to the program in the near future”.
About Artemis Real Estate Partners:
Artemis Real Estate Partners is a real estate investment management firm that seeks to invest with best-in-class local operating partners, both established and emerging, in multifamily, office, industrial, retail and senior housing across opportunistic, value added and enhanced core strategies. Artemis has raised $736 million of investor capital across two vehicles: $436 million of capital for Artemis Fund I and $300 million of capital in a separate account with the New York State Common Retirement Fund. Artemis’s sole focus is U.S. commercial real estate. More information about Artemis and the separate account may be found at http://www.artemisrep.com.
About Ellis Partners LLC:
Ellis Partners LLC is one of Northern California’s largest commercial real estate investors and developers focused on office, retail, industrial and mixed use product types. The firm’s multi-faceted capabilities include land entitlement and development, property repositioning, adaptive re-use and historic renovation. Ellis Partners also brings leasing expertise, asset management and development management services to its portfolio. More information about Ellis Partners may be found at http://www.ellispartners.com.