Kinship Capital and SIMEON Commercial Properties Sell Development Project in Peery Park
Chicago, Ill., (April 24, 2019) —Kinship Capital, in a joint venture with SIMEON Commercial Properties, has sold a portfolio of properties that were assembled in the Peery Park submarket of Sunnyvale to a new joint venture between Harvest Properties and Invesco Real Estate, a global real estate investment manager.
Over the last five years, Kinship Capital and SIMEON acquired the four adjacent parcels, which total 15 acres, and secured approvals from the City of Sunnyvale to redevelop the majority of the properties. The partnership completed predevelopment activity allowing for the construction of over 500,000 square feet of new office space.
“Kinship Capital’s long-duration investment strategy and flexible capital allowed the joint venture to assemble these four parcels over time, and pursue entitlements for redevelopment in this thriving submarket within the context of the Peery Park Specific Plan,” said Nick Thomson, Principal, Kinship Capital. “The optionality this project afforded us allowed Kinship Capital to pursue a number of different business plans simultaneously.”
“We are pleased with the successful outcome with the sale to developers who will build this project,” continued Ethan Meers, Principal, Kinship Capital. “We are thankful for our partnership with SIMEON. This was an important opportunity for both companies.”
The HFF San Francisco team, including Bruce Ganong, Brandon Roth and Ben Bullock, provided advisory services to the Kinship Capital and SIMEON venture dating back to the original assemblage and financing of the portfolio in 2015.
“The creation of this portfolio and the patient pursuit of the entitlements to redevelop was a truly remarkable accomplishment by the venture,” said Ganong.
Kinship Capital continues to pursue similar opportunities in Silicon Valley and beyond, and remains active nationally in commercial real estate development, including their S’PARK Neighborhood project in Boulder, CO.
About Kinship Capital
Kinship Capital is a private real estate investment firm founded on 125 years of family business success. The company makes growth oriented and duration driven investments in the U.S. across a variety of product types including office, retail, multi-family, hospitality, and industrial real estate. The Kinship Capital team has built an institutional scale portfolio while retaining an entrepreneurial approach to the investment process. Kinship Capital’s structural flexibility and 50-year investment horizon regularly prove to provide a unique competitive advantage in the marketplace. Building on seven generations of family legacy, Kinship Capital is committed to the next century of success.
SIMEON is a family of commercial and residential companies dedicated to building and maintaining an organization that effectively capitalizes on investment opportunities created by changing local market conditions. SIMEON’s goal is to achieve superior investment returns for its clients, partners and employees through the development, investment and management of properties in the San Francisco Metropolitan Areas. SIMEON is managed by a team of highly qualified and seasoned real estate professionals whose philosophy for success is to attract qualified people, create solid industry relationships and build an outstanding reputation through commitment to excellence and superior customer service. It is with this philosophy that SIMEON is able to successfully complete projects on time and on budget, while consistently achieving the best results for its investors and partners.
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.
About Invesco Real Estate
Invesco Real Estate is a global leader in the real estate investment management business with $65.6 billion in real estate assets under management, 496 employees and 21 regional offices across the U.S., Europe and Asia (as of 12/31/18). Invesco Real Estate has been actively investing in core, value-add and opportunistic real estate strategies since 1992. Invesco Real Estate is a business name of Invesco Advisers, Inc., an indirect, wholly owned subsidiary of Invesco Ltd. Invesco Ltd. is an independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. NYSE: IVZ; www.invesco.com.
About Harvest Properties
Harvest Properties is a vertically-integrated, full-service commercial real estate investment firm that specializes in the acquisition, repositioning, entitlement, development, management and financing of commercial property, primarily through joint-venture investments in Northern California. Over the last decade, Harvest has become an established leader in the marketplace by generating attractive returns for its financial partners, providing creative solutions and outstanding service. Harvest Properties’ portfolio comprises approximately ten million square feet of office, industrial, R&D and retail properties in the San Francisco Bay Area. For more information, please visit www.harvestproperties.com.