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2/23/17
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Tristar Capital has acquired Crossroads III, an office property located at 410, 420, and 430 N. Mary Ave in Sunnyvale. The purchase was financed with a $232.56 mil loan provided by Natixis.
The acquisition consists of three, three-story freestanding office buildings with a total net rentable area of 349.8k sf. Constructed between 1990 and 1992, the buildings are situated on a 14.82-acre site and are 100% net leased to Apple, Inc.
Each building is comprised of two wings around one central core. The property also includes two courtyards with fountains that are located between the buildings. There are 767 surface parking spaces while another 404 vehicles can be accommodated in a two-level freestanding parking garage with access provided by keycard controlled gates, for a total of 1,171 parking spaces for the three buildings.
The property is situated on the northwestern side of Sunnyvale, in the heart of Silicon Valley, just east of the Mountain View city border. The property offers good access as US Highway 101 is located three blocks to the north. Additionally, the Santa Clara Light Rail station is located about one-half mile north of the property in Moffett Park, adjacent to the Technology Corners development along W. Moffett Place Dr. The San Jose International Airport is situated less than 10 miles from the property.
Richard Horowitz of Cooper-Horowitz in New York arranged the five-year, fixed-rate loan. Tristar Capital is headed by David Edelstein.
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