New York Life Real Estate Investors Sells Greenwood Business Park in Napa, California
New York, July 20, 2016—New York Life Real Estate Investors announced today, on behalf of McMorgan Northern California Value Add/Development Fund, the sale of Greenwood Business Center which consists of a Class A industrial property with an additional developable land parcel located in Napa, California.
Originally purchased in July 2013, the property previously consisted of a 19 acre vacant land parcel. With assistance from RMW Architecture, Devcon Construction and McNeill Real Estate Services, New York Life Real Estate Investors designed a 226,044 square foot Phase I distribution warehouse building which commenced construction in early 2015 on a speculative basis. Prior to its completion in December 2015, the building was 100 percent pre-leased to Adams Wine Group with help from Brooks Pedder, Scott Bertrand and Trevor Buck of Cushman & Wakefield.
The sale was assisted by the brokerage team of Steve Hermann, Bob Gilley and Andy Bogardus.
The property’s disposition represents the second concluded investment of McMorgan Northern California Value Add/Development Fund, an investment vehicle coordinated by New York Life Real Estate Investors and McMorgan & Company in 2013. Consisting of a number of value-add and development properties throughout Northern California, the Fund is nearly fully invested. A second, follow-on fund is being coordinated and will similarly look to achieve superior risk adjusted returns with a secondary benefit of job creation for signatory contractors and union members.
About New York Life Real Estate Investors
New York Life Real Estate Investors is a division of NYL Investors LLC, a wholly-owned subsidiary of New York Life Insurance Company. Please visit New York Life Real Estate Investors’ website at http://www.newyorklife.com/realestateinvestors for more information.
New York Life Real Estate Investors is a full service, fully-integrated real estate enterprise with more than 100 professionals. The division has market-leading capabilities in origination, underwriting, and investment in real estate equity products and related debt, including real estate equity investments, commercial mortgage loans, commercial mortgage backed securities, and unsecured REIT bonds. With over $45.8 billion in assets under management as of March 31, 2016, New York Life Real Estate Investors is actively seeking to acquire additional properties throughout the U.S.
About New York Life
New York Life Insurance Company, a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States* and one of the largest life insurers in the world. New York Life has the highest possible financial strength ratings currently awarded to any life insurer from all four of the major credit rating agencies: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+).** Headquartered in New York City, New York Life’s family of companies offers life insurance, retirement income, investments and long-term care insurance. New York Life Investments*** provides institutional asset management. Other New York Life affiliates provide an array of securities products and services, as well as retail mutual funds. Please visit New York Life’s website at www.newyorklife.com for more information.
*Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 6/17/16. For methodology, please see http://fortune.com/fortune500/.
**Individual independent rating agency commentary as of 6/9/16.
***New York Life Investments is a service mark used by New York Life Investment Management Holdings LLC and its subsidiary, New York Life Investment Management LLC.
New York Life Insurance Company