News

Stay up to date on news about GSR and our markets.

News
08 Sep

SAN FRANCISCO, CA – September 1, 2022 – San Francisco-based commercial real estate investment firm Graham Street Realty (GSR), an affiliate of Hamilton Zanze, has acquired Cimmaron Industrial Park in the Scottsdale Airport Industrial submarket of the Phoenix metro. The deal closed on August 26, 2022, for a purchase price of $27.5 million. The property is currently fully leased.

GSR is purchasing the property from a partnership of two high net worth investors. As part of the transaction, GSR will retain the in-place property management company, Greater Airpark Realty Services (“GARS”). GARS will be handling day-to-day operations, construction management, and property accounting.

Cimmaron comprises 94,800 rentable square feet of industrial space across a five-building, separately parceled project totaling 6.73 acres. All five buildings were constructed in 1980 and have been well-maintained. The property provides small businesses with class-leading, functional industrial suites, with approximately 40% office and showroom space and 60% warehouse space.

Cimmaron is located in one of the most affluent, supply-constrained submarkets in the greater Phoenix MSA – the Scottsdale Airpark. The submarket comprises 7.1 million square feet and currently boasts the highest asking rents in the entire 363-million square foot Phoenix industrial market.

The Scottsdale Airpark is proximate to some of Arizona’s wealthiest communities, including Paradise Valley, Kierland, and North Scottsdale. The concentration of high-end housing in and around Scottsdale drives much of the leasing activity in the submarket and at the property. The Scottsdale Airport is one of the busiest private airports in the United States and is a driver of regional business.

“Graham Street is excited for Cimmaron Industrial Park to be our first acquisition in the state of Arizona,” said GSR’s Director of Investments Jay Snover. “The asset fits our objective of purchasing real estate in irreplaceable, supply-constrained locations. We also look forward to building our relationship with Shell Commercial, Greater Airpark Realty Services, and CBRE.”

This acquisition marks Graham Street Realty’s first acquisition in Arizona and marks the firm’s fourth industrial acquisition to date.

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ABOUT GRAHAM STREET REALTY
Graham Street Realty (GSR) is a private, San Francisco-based commercial real estate investment firm founded in 2007. Since that time, GSR has purchased over $485 million in office and industrial assets. As of third quarter 2022, GSR currently owns and operates 36 properties in four states. Since its founding, the firm’s focus has been on value-add investment in the multi-tenant office and industrial building market. To learn more, visit www.grahamstreetrealty.com.

09:40 / Press Releases
09 Mar

BOULDER, CO – March 9, 2021 – San Francisco-based commercial real estate firm Graham Street Realty (GSR) has sold 5665 Flatiron Parkway in Boulder, CO. The transaction closed on March 2nd.

“Despite choppy waters in the commercial office market, we were able to complete our business plan during 2020 and sell this asset for a strong investor profit due to its location in Boulder,” said David Messing, managing partner at Graham Street Realty.

GSR purchased the asset in February 2019 as a part of a three-property portfolio. The portfolio comprised the properties located at 3005 Center Green Drive, 2945 Wilderness Place, and 5665 Flatiron Parkway, totaling 114,862 square feet of leasable office and lab space.

5665 Flatiron is located in East Boulder’s Flatiron Business Park, Boulder’s most conveniently accessible office inventory for employees commuting from Denver and more affordable residential communities to the East. The building caters to more established office tenants, with suites ranging from 10,000 to 20,000 square feet.

The Boulder submarket continues to see high demand for office space and is home to new and expanding companies in the technology, life science, business service, and consumer products industries. The team was able to capitalize on the strong demand for assets in Boulder, despite a more challenging economic environment as a result of the coronavirus pandemic.

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 ABOUT GRAHAM STREET REALTY
Graham Street Realty (GSR) is a private, San Francisco-based commercial real estate investment firm with assets in the Western United States. Since its founding in 2007, the firm’s focus has been on value-add investment in the multi-tenant office building market. It currently holds more than 1.1 million square feet of commercial office space. To learn more, visit www.grahamstreetrealty.com.

11:01 / Press Releases
02 Feb

BOULDER, CO – February 2, 2021 – San Francisco-based commercial real estate firm Graham Street Realty (GSR) has sold 2945 Wilderness Place. The transaction closed on January 22nd.

“We were able to take advantage of the strong demand for life science properties despite the challenging economic environment,” said David Messing, managing partner at Graham Street Realty.

GSR purchased the asset in February 2019 as a part of a three-property portfolio. The portfolio comprised the properties located at 3005 Center Green Drive, 2945 Wilderness Place, and 5665 Flatiron Parkway, totaling 114,862 square feet of leasable office and lab space.

2945 Wilderness Place is a two-story, Class B office and lab building comprising both traditional office and lab improvements. It features ample surface parking and is within walking distance of nearby restaurants. This property is fully leased to a single biotechnology tenant and has maintained 100% occupancy for over 20 years while functioning as a life science building. During its ownership, GSR renewed the existing tenant for an additional term.

The Boulder submarket continues to see high demand for office space and is home to new and expanding companies in the technology, business service, and consumer products industries. The team was able to capitalize on the strong demand for life sciences office spaces, despite a more challenging economic environment as a result of the coronavirus pandemic.

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_________________________________________________________________________________________________

ABOUT GRAHAM STREET REALTY
Graham Street Realty (GSR) is a private, San Francisco-based commercial real estate investment firm with assets in the Western United States. Since its founding in 2007, the firm’s focus has been on value-add investment in the multi-tenant office building market. It currently holds more than 1.1 million square feet of commercial office space. To learn more, visit www.grahamstreetrealty.com.

14:32 / Press Releases
17 Dec

Graham Street Realty’s acquisition of Commerce Sqaure was recently covered by The Daily Sentinel

San Francisco-based commercial real estate investment firm Graham Street Realty (GSR) has acquired Commerce Square in the I-70 East Industrial submarket of the Denver–Aurora metro. The deal closed on December 3, 2020 for a purchase price of $16 million. The property is currently fully leased.

“Graham Street is excited to move into the industrial sector with the acquisition of Commerce Square,” said GSR Managing Principal David Messing. “We were drawn to this asset in particular due to its functionality, infill location and long history of institutional ownership. Denver’s light-industrial market has proven resilient in spite of the pandemic, and we believe it will continue to exceed expectations in the future.”

Read the full story at The Daily Sentinel and more about the transaction at Denver Business Journal.

12:16 / News
11 Dec

SAN FRANCISCO, CA – December 11, 2020 – San Francisco-based commercial real estate investment firm Graham Street Realty (GSR) has acquired Commerce Square in the I-70 East Industrial submarket of the Denver-Aurora metro. The deal closed on December 3, 2020 for a purchase price of $16 million. The property is currently fully leased.

“Graham Street is excited to move into the industrial sector with the acquisition of Commerce Square,” said GSR Managing Principal David Messing. “We were drawn to this asset in particular due to its functionality, infill location and long history of institutional ownership. Denver’s light-industrial market has proven resilient in spite of the ongoing pandemic, and we believe it will continue to exceed expectations in the future.”

Commerce Square comprises 144,464 rentable square feet of shallow-bay, light-industrial space across a two 1984-vintage, Class B buildings. The single-story buildings provide smaller industrial tenants with above-standard loading capabilities and attractive storefronts, catering to a wide array of tenants from client-facing businesses to more traditional light industrial users.

GSR is purchasing the property from First Industrial Realty Trust, a prominent industrial REIT that has owned and operated Commerce Square for the past 20 years. The property has been well-maintained for many years, in stark contrast to much of the submarket. Upon acquisition, management of the property was transitioned to Oakland-based GSR affiliate Paramount Property Company.

Commerce Square is located just southeast of the I-70 and Peoria Street intersection in the heart of the I-70 East submarket, which accounts for more than 40% of the Metro Denver industrial inventory. The property is less than a mile from the Regional Transportation District (RTD) Peoria Station, which also provides access to Downtown Denver and Denver International Airport via light rail.

The Denver market has seen notable growth from e-commerce, construction/building materials, and manufacturing companies, particularly food and beverage production, aerospace, bioscience and energy-related products. This, coupled with a growing population and related distribution needs, has resulted in expanding local, national, and international company footprints throughout the metro region.

This acquisition brings the Graham Street Realty’s Colorado portfolio to nine properties and marks the firm’s first industrial acquisition.

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ABOUT GRAHAM STREET REALTY
Graham Street Realty (GSR) is a private, San Francisco-based commercial real estate investment firm founded in 2007. Since that time, GSR has purchased over $275 million in office assets. As of third quarter 2020, GSR currently owns and operates 14 properties in three states. Since its founding, the firm’s focus has been on value-add investment in the multi-tenant office building market. To learn more, visit www.grahamstreetrealty.com.

10:46 / Press Releases
05 Jun

During this time of social upheaval, in the wake of the murder of George Floyd, we at Graham Street Realty stand with those fighting these injustices.

While the past cannot be changed, we know that our thoughts, prayers, sympathies, and condolences are not enough. We will work to hold our elected officials accountable, remain accountable to each other, and continue to be accountable to provide workplace environments that reflect our nation and the best of its ideals — diversity, equity, inclusion, and cultural competence.

We are committed to doing our part to realize these overdue demands for change — by listening to our teams, our partners, those who are the most vulnerable and disenfranchised, and those struggling with the most grief. We will listen not in pursuit of progress, but also out of respect for those whose voices have been silenced. Be safe. Stay healthy. And let us all be catalysts for equality and justice.

15:16 / News
14 Jan

CONCORD, CA – January 14, 2020 – San Francisco-based commercial real estate investment firm Graham Street Realty (GSR) has sold Willows Office Park in Concord, CA, a suburb just east of San Francisco. The deal closed on December 19th, 2019.

“The sale of Willows was a win for both the buyer and the seller,” said David Messing, co-managing principal of Graham Street Realty. “The buyer seized a unique opportunity within the market that matched with their space and investment needs, and the seller was able to deliver a newly renovated asset with the available space the buyer required.”

The 83,268-square-foot office park is located just two miles from the Bay Area Rapid Transit (BART) light rail, surrounded by significant dining and retail amenities, and one mile from Buchanan Field Airport. The building was purchased by an owner-user in an off-market transaction.

The property was built in 1979 for a single-tenant user. In 1985, the Contra Costa County Employees’ Retirement Association acquired the building and owned and occupied until GSR took over in 2016. During their ownership, GSR updated the building with flexible floor plans that can accommodate 1,000 to 25,000 square-foot tenants.

The Willows is located in the city of Concord in the high-activity submarket of the East Bay that a hub for technological innovation. The Bay Area is home to a highly educated workforce and innovative companies, and with San Francisco tenants continuing to head east in pursuit of cheaper rents, the Easy Bay office markets remains one of the hottest in the country.

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ABOUT GRAHAM STREET REALTY
Graham Street Realty (GSR) is a private, San Francisco-based commercial real estate investment firm with assets in the Western United States. Since its founding in 2007, the firm’s focus has been on value-add investment in the multi-tenant office building market. It currently holds more than 1.1 million square feet of commercial office space. To learn more, visit www.grahamstreetrealty.com.

13:40 / Press Releases
26 Aug

NEW YORK–(BUSINESS WIRE)–GTIS Partners LP (“GTIS”), a real assets investment firm headquartered in New York City, with offices in São Paulo, Los Angeles, San Francisco, Atlanta, Paris, and Munich, and Graham Street Realty (“GSR”), an experienced San Francisco-based commercial real estate owner-operator, today announced the formation of their joint venture and the simultaneous closing of their acquisition of Belvedere Place, a Class A office building in Mill Valley, California.

Belvedere Place was built in 2000, is 100% leased, and is Marin County’s newest, highest-quality Class A office building. The property comprises two three-story buildings with a total of 104,000 rentable square feet of space. Beyond this, the building offers direct-access garage parking, electric car charging stations, 20’ ceilings in lobby entrances, and a private fitness center.

“We’re delighted to partner with GSR to make this acquisition a reality,” said David Pahl, Managing Director, GTIS Partners. “Belvedere Place is a textbook example of what we look for both in an MSA and in a property itself – a supply-constrained market with significant barriers to entry for new developments, attractive returns with strong cash-on-cash yields, and a roster of blue-chip occupants. This is our first office acquisition for our GTIS US Property Income Partners fund, which complements our existing portfolio of residential assets, providing further strong, predictable cashflow.”

Current occupants include Merrill Lynch, UBS, WeWork, Redwood Trust, and several private wealth management firms.

“Marin County is the most affluent county within the San Francisco Bay Area, with median incomes of $133,000 and median home prices over $1.1 million, and the area is home to many executives and other well-educated professionals,” said David Messing, Managing Principal of Graham Street Realty. “Geographically speaking, Belvedere Place couldn’t be better situated, with direct access to Highway 101 providing easy commutes to the North Bay and a 20-minute drive to downtown San Francisco across the Golden Gate Bridge.”

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About Graham Street Realty

Graham Street Realty (GSR) is a private, San Francisco-based commercial real estate investment company with assets in the Western United States. Since its founding in 2007, the firm’s focus has been on value-add investment in the multi-tenant office building market. GSR currently owns more than 1.2 million square feet of commercial office space. To learn more, visit www.grahamstreetrealty.com.

About GTIS Partners

GTIS Partners is a global real assets investment firm headquartered in New York with offices in Los Angeles, San Francisco, Atlanta, São Paulo, Brazil, Paris, France and Munich, Germany. GTIS Partners was founded in 2005 and is managed by President Tom Shapiro and Senior Managing Directors Josh Pristaw, Rob Vahradian, Tom Feldstein, João Teixeira, and Amy Boyle. GTIS Partners has 88 employees and approximately $4.5 billion of gross assets under management. The firm pursues opportunistic real asset investments through direct equity investment and lending activities. To date, the firm has committed capital to residential, retail, industrial, office, hotel, and mixed-use projects in the U.S. and Brazil, and is among the largest real estate private equity companies in Brazil. For more information, please visit www.gtispartners.com.

15:56 / News
05 Mar

Graham Street Realty’s acquisition of a three-property Colorado office portfolio was recently covered by GlobeSt.com

Graham Street Realty has acquired a three-building office portfolio here that involves nearly 115,000 square feet of leasable office and lab space.

The San Francisco-based commercial real estate firm, which prior to the deal owned one asset in Boulder, acquired 3005 Center Green Drive, 2945 Wilderness Place and 5665 Flatiron Parkway office properties. The company also owns four other office properties in the metro Denver area.

The portfolio known as “The Boulder Collection,” was purchased from SteelWave. The transaction closed on February 14th. No financial terms of the transaction were released.

“When you think about Boulder’s lifestyle attributes, entrepreneurial spirit, and natural beauty, it really feels like an unparalleled place to live and work, and we don’t see that changing,” says Jay Snover, a director with Graham Street Realty. “This deal represented a unique opportunity to purchase a collection of institutionally maintained properties that cater to small and large office users as well as lab tenants.”

Read the full story at GlobeSt.com.

02:17 / News
17 Feb

BOULDER, CO – Feb. 17, 2019 – San Francisco-based commercial real estate firm Graham Street Realty (GSR) has acquired a three-building Boulder, Colorado office portfolio comprising the properties located at 3005 Center Green Drive, 2945 Wilderness Place, and 5665 Flatiron Parkway. The portfolio, or “The Boulder Collection,” was purchased from SteelWave, and the buildings total 114,862 square feet of leasable office and lab space. The deal closed on Thursday, February 14th.

The acquisition brings the firm’s commercial office assets to a total of four buildings in the Boulder market in addition to four buildings located across the Metro Denver area. The Boulder submarket continues to see high demand for office space and is home to new and expanding companies in the technology, business service, and consumer products industries.

“When you think about Boulder’s lifestyle attributes, entrepreneurial spirit, and natural beauty, it really feels like an unparalleled place to live and work, and we don’t see that changing,” said Jay Snover, a director with Graham Street Realty. “This deal represented a unique opportunity to purchase a collection of institutionally maintained properties that cater to small and large office users as well as lab tenants.”

3005 Center Green Court, known as Plaza III, was built in 1984 and had an 87.5% occupancy rate at the time of purchase. The property features 43,421 rentable square feet, unimpeded views of the Flatirons, and covered parking.

2945 Wilderness Place is a two-story, Class B office building comprising both traditional office and lab improvements. It features ample surface parking and is within walking distance of nearby restaurants. This property is fully leased to a single biotechnology tenant and has maintained 100% occupancy for over 20 years while functioning as a life science building.

5665 Flatiron Parkway comprises 40,554 rentable square feet built in 1988 and is prominently located along the main entrance into Flatiron Business Park. It features a well-appointed, double-height lobby, a glass roll-up door, and modernized common areas and landscaping. The property also offers an above-standard parking ratio at 3.6 stalls per 1,000 rentable square feet.

The Graham Street Realty team plans to continue the prior ownership’s building renovation program and will build out a range of contemporary creative office suites to fill remaining vacancies. Erik Abrahamson with CBRE has been appointed by ownership to handle leasing.

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ABOUT GRAHAM STREET REALTY
Graham Street Realty (GSR) is a private, San Francisco-based commercial real estate investment firm with assets in the Western United States. Since its founding in 2007, the firm’s focus has been on value-add investment in the multi-tenant office building market. It currently holds more than 1.1 million square feet of commercial office space. To learn more, visit www.grahamstreetrealty.com.

02:07 / Press Releases