H.G. FENTON COMPANY GROWS PORTFOLIO TO 4.5 MILLION SQUARE FEET WITH PURCHASE OF SILVERTON BUSINESS CENTER IN MIRAMAR– Purchase Marks Fourth Major Acquisition by H.G. Fenton Company over Past 16 Months
SAN DIEGO, March 21, 2013 – H.G. Fenton Company continues to build its portfolio of quality industrial properties throughout San Diego with its acquisition of the Silverton Business Center at Trade Street and Silverton Avenue in the Miramar area. The purchase brings H.G. Fenton Company’s San Diego County commercial real estate portfolio to more than 4.5 million square feet and reflects the company’s mission of creating quality places for people to live and work. Financial terms were not disclosed.
“As a family-owned company with more than 107 years of service in San Diego, every acquisition we make is identified with the needs of our current and future customers in mind,” said Mike Neal, H.G. Fenton Company’s president and CEO. “We bring a long-term ownership commitment to our properties that is reflected through the H.G. Fenton Company tradition of responsible development and management practices and work environments that support our tenants’ businesses.”
Silverton Business Center provides 467,291 square feet of multi-tenant office and industrial space in Miramar, one of San Diego County’s most popular and centrally-located industrial submarkets. With this acquisition H.G. Fenton Company now owns and manages over 1.2 million square feet in the Miramar area alone.
“Miramar continues to see high demand but has reached maturation due to virtually no land for new development,” said Kevin Hill, H.G. Fenton Company’s vice president of leasing and commercial acquisitions. “With the addition of Silverton, we have a unique opportunity to create a brand for this project that promotes the growth and development of San Diego business. Our goal is to have Silverton Business Center become the place where San Diego Business starts. We are very pleased to welcome the businesses in Silverton to the H.G. Fenton Company family of properties.”
The purchase of Silverton Business Center by H.G. Fenton Company was facilitated by Paul Brown, vice president with Voit Real Estate Services, San Diego. The seller’s name was not released.
“This asset is an excellent fit for H.G. Fenton Company’s portfolio,” said Brown. “Fenton is an experienced buyer with systems in place that allow them to proceed through the due diligence process quickly. This, along with their expertise as an owner/manager of millions of square feet of multi-tenant space throughout the county, will ensure a smooth transition for the existing tenants at Silverton Business Center.”
Silverton Business Center comprises 24 buildings on a 26-acre site. The project offers office, industrial and warehouse space with suites ranging from 370 square feet to 3,858 square feet with the ability to combine suites for larger locations. All suites are individually metered, offer DSL, cable and T1 internet options, and include air conditioning. Other features include 10’ and 12’ grade level roll up doors, skylights in warehouses, attractive and well-maintained landscaping, ample surface parking, and an on-site deli.
Silverton Business Center is H.G. Fenton Company’s fourth major industrial property purchase over the past 16 months. In late 2011, the company acquired Metroplex, a 93,000-square-foot project, also in Miramar, for $9.5 million. This was followed by its purchase of Sabre Springs Business Center, an 84,000-square-foot project in Carmel Mountain Ranch for $12 million; and its purchase just last June of a 600,000-square-foot industrial portfolio in National City for $49 million.
The Silverton Business Center web address is www.silvertonbc.com.
About H.G. Fenton Company
H.G. Fenton Company has proudly entered its second century of service providing quality places for people to live and work. The company is committed to responsible development and management practices, and meeting the needs of its commercial tenants and apartment residents over time. H.G. Fenton Company owns and manages over 4.5 million square feet of office and industrial space, 13 apartment communities totaling over 3,100 homes (including the new Solterra community in Scripps Ranch which will complete construction in the first half of 2013), and also manages a development pipeline of land and commercial projects. For more information, visit www.hgfenton.com.