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7/27/11
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Newcastle Partners just closed on a $45.8 mil NoCal office buy, picking up Great America Place, a 224k sf ($205/sf) complex situated in the heart of Silicon Valley’s Golden Triangle, from DJM Capital Partners. The three-building property is located at 5200 Great America Pkwy, south of Hwy 237.
After acquiring the property, which sits directly across from the Santa Clara Convention Center and the Tech Mart, back in January 2007, DJM Capital invested in a significant renovation. In November 2009, it signed a 10-year lease for one of the buildings with a leading global provider of wireless solutions for fixed and mobile broadband networks, Harris Stratex Networks – now known as Aviat Networks. Subsequent to signing the lease, Aviat, whose goal at the new location was to reduce its carbon footprint by using clean alternative energy, partnered with DJM Capital to convert the building to on-site solar power and to incorporate additional sustainable programs to achieve LEED certification.
“At Great America Place we made some very attractive capital improvements to the property and did well with our leasing program, which positioned us to sell a stabilized and well-performing asset,” said D. John Miller, president of DJM Capital Partners. ”We have other premier office properties in our portfolio, but as we look to the next few years we are focusing on acquiring undervalued retail properties in coastal markets, to upgrade and reposition them to attract high quality tenants and realize their full investment potential.”
Among DJM Capital Partners’ other NoCal property investments is the Ellinwood Corporate Center office complex in Pleasant Hill. The firm’s retail portfolio is comprised of a variety of retail community and lifestyle centers with a strong concentration in the SoCal region. A signature property is Bella Terra, an 800k sf retail center in Huntington Beach. DJM is currently underway on second phase of development at the site with The Village at Bella Terra, a mixed-use urban lifestyle district, consisting of a four-story, 467-unit apartment community and a 150k sf Costco.
Michael Leggett and Dave Karol of Holliday Fenoglio Fowler represented DJM in the sale.
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