Gemini Rosemont expands real estate portfolio

Gemini Rosemont expands real estate portfolio
14/04/2016 , by , in INTERNATIONAL

Gemini Rosemont, LLC, a leading commercial real estate investment company with holdings of approximately 14.7 million square feet of commercial office space, has acquired the 19-story 610 West Ash commercial office building in San Diego, Calif.

The acquisition of the office tower adds 177,489 rentable square feet of Class A office space to the company’s portfolio. The company now owns 114 buildings in 21 states across the U.S.

The building was purchased through a partnership with Gemini Rosemont and Central Properties for an undisclosed amount.

“The acquisition of 610 West Ash is part of our strategy to acquire high quality assets in primary and select secondary markets,” said Michael Mahony, chief executive officer of Gemini Rosemont. “Adding this property to our portfolio sets the stage for further expansion on the West Coast.”

Gemini Rosemont is in the midst of a three-year, $3 billion capital raise and acquisition initiative, backed by strong financial support from Gemini Investments, a Hong Kong listed investment company.

“The addition of 610 West Ash to our portfolio is a continuation of our ongoing relationship with one of our capital partners, Central Properties, and expands our national footprint,” said Don Henry, chief operating officer and chief investment officer for Gemini Rosemont.

Located in the heart of San Diego’s Little Italy neighborhood, 610 West Ash provides its tenants with a live-work-play environment. Abundant shopping, hotels, 30-plus restaurants, numerous housing options and parks are within walking distance. Its location is convenient to San Diego’s primary public transit providers, freeways and San Diego International Airport and offers panoramic views of the San Diego skyline, San Diego Bay, Coronado Island and the Pacific Ocean.

“610 West Ash is well positioned in a highly walkable and evolving submarket of downtown San Diego. We feel the long term growth potential for San Diego as a West Coast 24 hour CBD market is excellent,” said John Caley, Gemini Rosemont’s senior managing director, capital markets.

HFF’s senior managing directors Nick Psyllos, Ryan Gallagher and Michael Leggett, who is also co-head of HFF’s West Coast team, and director Nick Frasco, brokered the transaction.

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