Select properties from our asset portfolio.
Prospect Park is a 112,666 square foot multi-tenant office building located in Rancho Cordova, CA. This asset carries a strong rent roll of financial and legal focused tenants and currently stands at 100% occupancy. NCP acquired the building in September 2019 as part of its Whitney fund for $182 per square foot, significantly below the replacement cost.
The property is LEED Gold certified and a 204 kW rooftop solar system will be in production in 2022 to reduce operating expenses and carbon emissions. The 2021 unleveraged net cash flow return was 8.5%. Based on the 2022 projected NOI and current cap rates estimated by area brokers, the property has increased in value by approximately 32% in less than 3 years of ownership.
2550 M Street, NW is a 207,081 square foot Class A office building located in Washington, D.C., sitting on the western edge of the city with sweeping views of Georgetown. The property is 100% occupied by Squire Patton Boggs ("SPB"), a top global law firm ranking on the AmLaw 100 with approximately 48 offices in 20 countries. 2550 M St is one of SPB's largest offices and is home to the firm's most prominent practice group, Government Policy. Their lease runs through April 2032 with no termination or contraction options, providing 10 years of secure income.
The Grand at Stonecreek is a 267-unit Class A residential communitunity located in San Marcos, TX, a burgeoning suburb of Austin in close proximity to prominent local employers such as Amazon as well as Texas State University. The property was newly constructed in 2021 and showcases top-of-the-line interior unit finishes and numerous community amenities such as a clubhouse, fitness facility, resort-style pool, and vehicle charging stations. San Marcos's rapid expansion combined with the property's high quality construction and amenities allow for high occupancy rates with minimal need for capital improvements over the coming years.
1310 Harbor Bay is a 126,700 square foot Class A office building located in Alameda, California, an R&D hub for the Bay Area’s leading life science and medical technology users. The institutional quality property was built-to-suit for Penumbra, Inc. in 2021 with features fit for a best-in-class corporate headquarters facility. Penumbra, Inc., a publicly traded global medical device company with a market capitalization rate of $10 billion*, leases the building through September 2036. The asset provides 15 years of guaranteed income from a credit tenant, with additional value to be realized as the Alameda office and life science market continues to thrive.
*As of 2021
600-650 N. 5th St & 601 Sequoia Pacific Blvd is a 159,875 square foot three-building office/warehouse complex located in Sacramento, California. The property is fully occupied by the State of California Office of Emergency Services (OES), a mission-critical agency that oversees California's response to emergencies such as fires or earthquakes. OES has occupied the property since it was constructed in 1985 and recently reaffirmed their commitment with an eight-year renewal, for which they received approximately $13M in property improvements from the prior ownership.
North Market is a Class A two building office park located in Sacramento, CA. The buildings were built in 1991 and 2010 respectively. The asset is 100% leased to California's Department of Consumer Affairs.
This asset was purchased in April 2021 at a basis of $182 PSF.
There are several cost savings initiatives in flight and the unleveraged IRR is projected to be 7.0%.
Ziggurat is a class A single tenanted office building acquired in July 2021. Located in downtown Sacramento, the building is an iconic class A office building in the city and is occupied by California's Department of General Services (DGS).
The building serves as the H.Q. for DGS, who has been the tenant since 2001. DGS provides various services to state agencies including procurement and acquisition solutions, real estate management and design, transportation solutions, legal services, building guidelines,funding for school construction, and more.
The projected unlevered IRR for the first year is 8.9%.
Cerritos Center Court (CCC)
Cerritos Center Court is a Class A office building located in Cerritos, CA in the greater Los Angeles area. The building was built in 2002 and renovated in 2018.
NCP acquired the building in July 2020, for it recent Everest fund, at significantly below replacement cost of around ~$250 PSF.
The asset is located in the mid-counties submarket which boasts LA's lowest overall vacancy. Our year 1 unleveraged net operating return is projected at 9.4%
Pacific Gateway II
Pacific Gateway II is a class A multi-tenanted office building acquired in 2020. Located in the South Bay submarket in the Los Angeles county limits, the building is one of best class A assets in the city of Torrance and is 84% occupied.
As part of our sustainability charter, we implemented AI based building management systems in January and will be installing solar panels in late 2021, which are projected to reduce annual operating expenses, resulting in an estimated $39,000 increase to the NOI for this year.
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1601 Expo is a 123,427 rsf suburban class B office building which was acquired in November 2015.
It is located just east of downtown Sacramento and is 100% leased to the California Health Benefit Services Department.
After acquisition, NCP identified cost savings of $1.84 psf in numerous areas including, utilities, administration, and maintenance.
We also invested $800,000 in solar panel energy system which were 100% financed with a projected payback of 7 years.
NCP acquired Prospect Point, a 149,000 sf suburban office park in 2020. The multi-tenant buildings were 90% leased at the time of acquisition with primarily government, education, and healthcare tenancy. We have since leased additional space.
Our unleveraged net operating return in year one is projected to be 8.6%.
Milpitas Tech Center
Milpitas Tech center was Nome Capital Partner's first commercial acquisition in 2016.
A 105,636 rsf office/R&D building strategically positioned in the Silicon Valley, the property was purchased with 58% occupancy, offering substantial upside.
In our five years of ownership, we have increased occupancy from 58% to 92% and created significant value.