A Diversified,
Real Estate Opportunity Fund
for the
Sophisticated Investor
Kaiser Building
Milpitas, California
This 59,262 square foot office property located in
the Silicon Valley was acquired by HCP Fund I, Barker Pacific Group and
an east coast opportunity fund investor in July of 2003. At
acquisition, the projected IRR was 34%; however during escrow and
through the holding period the building maintained 100% occupancy. It
was sold in July 2004 for a large gain, substantially exceeding its
projected IRR.
626 Wilshire Boulevard
Los Angeles, California
A 149,000 square foot office building located in
the heart of downtown Los Angeles, this property was acquired by HCP
Fund I, Barker Pacific Group and an east coast opportunity fund in
September of 2003. At acquisition, the building was 38% leased, upon
sale in September of 2004 only one year later the building was 84%
leased and sold for a substantial gain, significantly exceeding the
original expectations.
The Chamber Building
San Diego, California
A 173,000 square foot building located in downtown
San Diego, it was acquired in May of 2003 by HCP Fund I. The property
has undergone substantial renovation and increased its occupancy. In
March 2005, HCP Fund I sold a 90% interest in the property to a major
union pension trust. The HCP Fund I retains a 10% ownership with no
debt on the property.
Citizens Business Bank Building
Pasadena, California
A 55,000 square foot building located in Old Town
Pasadena, California. The building was acquired by HCP Fund I, Barker
Pacific Group and two private individuals as tenants-in-common. At
acquisition the building was 85% leased and is now 100% leased and
providing a cash-on-cash return to its investors over 20%. In addition,
ownership is planning to develop 50 apartment units on the land that
was acquired with the Building.
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