|
|
9/22/22
|
Ellis Partners purchased an 87.1k sf value-add R&D campus in Sunnyvale for an undisclosed amount. The campus, located at 333 and 385 Moffett Park, is comprised of a 75.9k sf two-story building and an 11.2k sf one-story building.
The campus is nestled within Moffett Park, a 1,156-acre business park that sits at the northwest corner of Sunnyvale. The central location provides convenient access to executive and employee housing throughout the San Francisco Peninsula via highways 237 and 101. As the only industrial area in Sunnyvale directly served by light rail transit, providing ready access to Silicon Valley, the rest of the Bay Area and several airports, the larger than average parcels and limited height restrictions give Moffett Park intrinsic geographical attributes that make it a unique and premier location in Silicon Valley.
Steven Golubchik, Edmund Najera, Jesse Millman, Jonathan Schaefler and Darren Hollak with Newmark were involved in the transaction. The seller was real estate asset management company, Cilker Orchards Management Corp.
“333 and 385 Moffett Park provides the investor with a flexible business plan to either reposition the existing asset or plan for future redevelopment within the Moffett Park specific plan,” said Golubchik. “Despite challenging market conditions, this property benefitted from a competitive bidding process with participation from a diverse mix of capital profiles.”
The Moffett Park submarket has remained a top performer in the San Francisco Bay AreacMarket, driven by robust demand from technology leaders including Google, Amazon and Facebook. The availability rate within Moffett Park currently remains at 6.8% with few high quality options available for tenants, according to Newmark Research.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
