A new US value-add office and industrial partnership launched by Bain Capital and REDCO Development is expected to complete an $82m (€72.5m) deal this month, the venture’s second acquisition.
Bain Capital and REDCO recently teamed up to invest up to $250m in US office and industrial properties, according to sources familiar with the venture.
The partnership’s initial focus will be to target a mixture of value-add assets and urban infill industrial developments in the San Francisco Bay Area and Seattle.
The joint venture has already completed a $10.25m deal, acquiring a 30,000sqft office building located at 922 South Claremont Street in downtown San Mateo, California and plans to expand the property by an additional 30,000sqft in future.
Sources said the partnership is close to completing the $82m acquisition of the 100,000sqft One Montgomery Street in San Francisco this month in a deal alongside AEW Capital Management.
One Montgomery’s current tenant Wells Fargo Bank is expected to move out this year.