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6/26/17
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Vista Investment Group has secured a $25.6 mil refi loan for Valley Creative Center, a six building, 166.9k sf office/R&D portfolio that they own in San Jose. The non-recourse financing was arranged by CBRE Capital Markets’ Debt & Structured Finance and funded through a life company.
The property sits on an 11.75-acre site situated in the heart of Silicon Valley’s prestigious “Golden Triangle,” at the intersection of Zanker Rd and Charcot Ave, just off I-880. The property encompasses a full city block and is currently 100% leased to a diverse, multi-tenanted rent roll.
CBRE’s Brad Zampa, Michael Walker, Megan Woodring and Taylor Shepard arranged the financing. It has a very competitive spread designed with a flexible prepayment structure.
The Silicon Valley market continues to experience strong leasing activity, particularly in the northern submarkets where high-quality, tech-focused space is available at more competitive rates. According to CBRE Research, the overall asking average office lease rate for Q1 2017 increased for the 26th consecutive quarter to $4.76 FSG (Full Service Gross), a 0.6% increase, quarter-over-quarter. Silicon Valley posted positive occupancy gains for the 16th straight quarter with 419,162 sq. ft. of net absorption.
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