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5/30/12
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A joint venture of Graymark Capital and Ascent Real Estate Advisors closed on the purchase of a 39.3k sf office building in Silicon Valley. The single-story building, which sits on 2.58 acres at 674-678 W. Maude Ave in a prime location within the desirable Peery Park area of Sunnyvale, was sold for an undisclosed price by Trumark Commercial.
Trumark purchased the building in early 2007 from Limar Realty Group for $4 mil and initiated a $1 mil renovation that included exterior paint, repairs to the parking lot, a new monument sign and renovation of the existing landscape. The interior of the building was gutted. Walls, offices and hallways were replaced, new conference rooms were added and restrooms were upgraded. The project was finished with new paint, ceilings, lighting, heating, ventilation, air conditioning and fire alarm systems.
“We saw the opportunity to transform a building that had been neglected. It had been empty for quite a while and needed an investment of capital to create a dynamic, marketable space,” said Gregg Nelson, a principal and co-founder of Danville, CA-based Trumark.
Soon after the four-month renovation was completed, half the building was leased to Electric Cloud, which specializes in automation solutions. The remainder of the building is leased to Aliph Inc, which develops noise-eliminating Bluetooth headsets as well as other mobile communications audio devices.
The transaction was brokered by Andy Zighelboim and Dave Sandlin of Colliers International San Jose.
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