1450 Chapin Ave
We identified several specific downtown submarkets we felt were undervalued, and as a result, acquired 1450 Chapin Ave when it came to the market in one of those submarkets. Prior to close during our due diligence period, we completed construction documents for the complete rehabilitation of the property. Once closed, we began speculative construction, which included all new roof, electrical, elevator, HVAC, plumbing, and structural upgrade. During construction, we leased the entire building to two tenants. Within 15 months after close, we refinanced the construction debt for long term, fixed rate debt.
Working in conjunction with a user looking for space in the Dogpatch neighborhood of San Francisco, we acquired an off-market building, executing a lease prior to closing on the purchase. Within days after close, we began closely working with the appropriate City of San Francisco representatives for the necessary governmental entitlements, while concurrently starting construction. The scope of construction included the entire demo of all existing interior improvements, lowering the interior slab 2' in order to install a second story within the building, all new exterior windows, roof, HVAC system, plumbing, and electrical, as well as the interior build out of 4 wet labs and associated office. Within 10 months after closing, we had successfully completed construction and moved the tenant into the building. Within 18 months after close, we refinanced the construction debt for long term, fixed rate debt.
Serramonte Corporate Center
We acquired Serramonte Corporate Center as a distressed project in a historically low supply sub-market located adjacent to Interstate 280 in Daly City, CA. The project was only partially constructed and we arranged for acquisition equity and debt financing to re-start construction. DLC managed the completion of the 10-story project built into a hillside. We successfully negotiated a 15-year lease with Kaiser Permanente for the entire project.
350 Convention Way
We identified and acquired a freeway-visible property and developed it into a Class "A" mid-rise office building. DLC had to timely resolve environmental problems as we wanted to get to market as soon as possible due to falling vacancy rates. We received all City entitlements within 100 days of initial submittal. DLC pre-leased the entire project to a user 30 days after breaking ground on the development.
Foster City Business Park
We acquired approximately 103,000 square feet consisting of five, one-story buildings in a business park on 6.1 acres of land along Highway 92 / Hillside Boulevard in Foster City, CA. Extensive local market knowledge and strong relationships afforded DLC the opportunity to step into a pre-negotiated purchase with Lincoln Properties within a two-hour window.
Metro Corporate Center
We purchased 2.2 acres of unentitled land to address the growing need for Class A space in the mid-Peninsula sub-market. We were successful in receiving all governmental entitlements in a matter of months for the development of a 70,000 square foot Class "A" mid-rise office building. Due to the dwindling supply of available floor space in this market, DLC pre-leased 60% of the project to Bay View Capital during the due diligence period.