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7/29/16
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An institutional real estate investor has purchased 287.4k sf of space at Champion Station, an eight-building, 810k sf campus in North San Jose. The development is located at a major light rail stop, steps from retail on North First Street and approximately one half-mile from Levi’s Stadium.
The sale was for the remaining buildings that were still owned by TMG Partners and Fortress Investment Group, who had acquired the entire campus from Cisco Systems back in 2013. After its purchase, the partnership executed a major renovation of the building exteriors, interiors and common area amenities, and then reintroduced the campus to the market as Champion Station in 2014.
The partnership subsequently sold four buildings to an investor in late 2014 and recently closed on the sale of a fifth building to a corporate owner-user in May 2016. The remaining assets are fully occupied by Silver Spring Networks and ForeScout Technologies.
“North San Jose, and its amenity-rich environment, continues to attract technology companies both locally and internationally,” said David Cropper, TMG Partners Director of Development. “Our strategy at Champion Station had been to complement the mixed-use campus setting with onsite improvements designed to encourage innovation, collaboration and healthy lifestyles for prospective tenants and their employees. Our ability to secure quality tenants and to close this final transaction is proof positive of the demand technology tenants have for health-driven offerings, coupled with the amenities of nearby residential, retail, entertainment and transportation options.
Jeff Weber, Greg Cioth, Mark Penrod, Andy Zighelboim and Tommy Kim with Eastdil Secured represented both parties in the transaction. The price was not disclosed.
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