SOURCE: Hager Pacific Properties

June 30, 2016 10:00 ET

Hager Pacific Properties Invests $35M in Four Strategic Corporate Real Estate Properties in California and Wisconsin

BUENA PARK, CA and OAKLAND, CA and MILWAUKEE, WI--(Marketwired - Jun 30, 2016) - Hager Pacific Properties (HPP), one of the largest privately owned real estate investment firms in the Western United States, has successfully acquired four strategic assets in California and Wisconsin: a 119,000-square-foot industrial property on 4.62 acres at 955 Kennedy Street in Oakland, California; a 41,715-square-foot ice cream plant on 5.49 acres at 6400 Regio Avenue in Buena Park, California; a 42,988-square-foot milk plant on 4.69 acres at 6408 Regio Avenue in Buena Park, California and a 585,292-square-foot business park on 32.41 acres at North Green Bay Road and West Brown Deer Road in Brown Deer (Milwaukee), Wisconsin.

"We are pleased with the volume of our recent acquisitions and our team's ability to capitalize on four strategic opportunities to invest in unique industrial assets with very strong growth potential," said Robert Neal, Hager Pacific Properties' managing partner. "The assets' desirable locations in the thriving Oakland, Orange County and Milwaukee markets offer an exciting challenge for our firm."

The Kennedy Street asset in Oakland, California, boasts almost 500 feet of direct frontage on the 880 Freeway making the property prime for usage as a freeway showroom, industrial warehouse or manufacturing facility. Property features will include multiple dock doors, fenced yards, and an upgraded fire protection system. Michael Walker, Doug Norton and Austin Hinder of CBRE represented both the buyer and seller in the transaction and will be listing the property for lease. HPP plans to complete more than $2M in renovations and Bruce Haas of Industrial Redevelopment will oversee the leasing, asset management and renovation of the property.

The ice cream plant and neighboring milk plant in Buena Park, California, are situated with easy access to the 5 and 91 Freeways. The ice cream plant's features include significant -5 degree freezer space, multiple dock doors, a large fenced yard, and a 22-foot clear height. The ice cream plant is being leased back to Alta Dena Dairy for a short term. Scott Delphey of Global Food Properties represented the buyer and Matt McWilliams of Southern Asset Service Corporation represented the seller in these transactions.

Brown Deer Business Park in Brown Deer, Wisconsin, Milwaukee's strongest industrial flex submarket, represents HPP's first acquisition in the Milwaukee area. The property's eight buildings are located at 9001-9045 North Deerwood Drive and 8921-8951, 9000, 9009-9049, 9053-9069, 9050-9082, 9073-9099, and 9151-9181 North Deerbrook Trail at the intersection of two major thoroughfares, North Green Bay Road and West Brown Deer Road. The business park, which is located a convenient 10 miles north of downtown Milwaukee, is comprised of industrial, office and flex space with a strong mix of national and local tenants including Pitney Bowes, Otis Elevators, OTR Engineering and Kleen Test. Property features include multiple dock doors, central air conditioning, and a 24-foot clear height.

About Hager Pacific Properties
 
Hager Pacific Properties (HPP), a $2B real estate investment firm, is guided by an investment philosophy implemented through the acquisition of both passive and under-performing, aged or environmentally impacted real estate. Its investments have become more valuable through market repositioning, property renovation and/or environmental remediation. HPP self-funds its real estate deals without outside capital. For more information visit www.hagerpacific.com.

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