Investcorp adds office and industrial portfolios totaling $400m
Investcorp has made four separate transactions totaling $400 million. The acquisitions consist of office and industrial properties in the metropolitan areas of Atlanta, Boston and San Francisco.
The acquisitions includes a 69-building industrial portfolio, known as the Stone Mountain Portfolio, located in the greater Atlanta area. And Investcorp acquired Paces West, an office complex in Atlanta; the Ballardvale Office Portfolio in Wilmington, Mass.; and the Tower Plaza in San Mateo, Calif.
Investcorp partnered with several local and regional operating partners to acquire the properties. The properties total more than 5.5 million square feet, with an average occupancy rate of approximately 85 percent.
Investcorp plans to add value to the properties through upgrades, renovations and capital investment. Atlanta is the business capital of the Southeast, with strong job and population growth, while the other office transactions are located in high-performi