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4/11/16
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CBRE Capital Markets’ Debt & Structured Finance team has secured $11.65 mil in non-recourse financing for the acquisition of a single-tenant office building located in the Moffett Park business area of Sunnyvale. CBRE’s Trent Snarr arranged a sub-4 percent fixed-interest rate on a 30-year amortizing loan with a 10-year balloon and no structured reserves from a national bank.
The property consists of a single-story strategically located office building leased to Honeywell International Inc. The tenant recently executed a lease extension securing its long history at the property and commitment to the area. With the acquisition and financing, the client was able to reach its strategy to secure a long-term, stabilized, cash flowing asset.
“This area of Silicon Valley is very robust and is experiencing unprecedented demand and growth,” said Snarr. “The Moffett Park business area is home to many credit and national tech related tenants, and the growth and demand is very appealing to investors.”
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