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NORTHERN CALIFORNIA NEWS
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CM Capital Corp Pays $24 Mil for Silicon Valley Office Asset

4/09/15

CM Capital Corporation, out of Palo Alto, has purchased 4500 Great America Parkway, a 74.3k sf office property in Santa Clara. The asset was sold by Admiral Capital Group and its joint-venture partner, South Bay Development Company, for about $24 mil ($323/sf).

Developed in 1983, the building is situated on 3.7 acres at the intersection of Great America Pkwy and Patrick Henry Dr, inside the Golden Triangle of Highways 101, 237 and 880. Its location is two blocks from the Valley Transit Authority Light Rail station and the new $1.2 bil, 68,500-seat Levi's Stadium, home of the San Francisco 49ers.

At the time of Admiral's acquisition and recapitalization in June 2013, the property was scheduled to become 100% vacant and was in need of a repositioning to meet the market demands from technology tenants.

Admiral and South Bay, in partnership with USAA Real Estate Company, executed a tailored repositioning of the vacant property. 4500 Great America underwent a complete renovation including an exterior facade improvement, interior upgrades, and new amenities and landscaping.

Michael Saign of Newmark Cornish & Carey represented the seller. Sherman Chan and Ben Knight of CBRE repped the buyer in the all-cash purchase.

The sale represents the fifth realization for Admiral in its first value-add real estate fund. It is anticipated that the new owner will use 4500 as an incubator for technology start-ups, further benefiting the Santa Clara region.

In addition to the 4500 Great America sale, Admiral successfully realized the sale of an Austin office portfolio, the Hilton Garden Inn – Energy Corridor, and the 200 Ashford office building in Atlanta. Admiral has over $250 mil of assets under management, including hotel properties in Fort Worth, TX and Las Vegas, NV, multifamily properties in Atlanta, GA and Kent, Washington and an office building in El Segundo, CA.






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