|
|
9/06/17
|
Deerfield Realty paid $17.5 mil for 250 East Caribbean Drive, a 36.3k sf ($482/sf) office building in the heart of Sunnyvale’s desirable Moffett Park submarket.
The NNN-leased, single-story office/R&D building is 100% leased for over eight years to Baidu USA, China’s leading Internet search engine. The property has recently undergone a substantial $2.7 mil renovation.
The property, located in Sunnyvale’s Moffett park submarket, which boasts a sub-5% vacancy rate for R&D product, is home to many of Silicon Valley’s large, well-capitalized technology companies. In the last six years throughout Silicon Valley, nearly 300 buildings totaling 16 msf have been demolished and redeveloped for new office, residential and mixed-use development. The inventory of single-story and two-story R&D product is expected to decline as developers push for higher density uses, which will intensify the competition for these buildings.
The property benefits from nearby mass transit connections, located a short two-block walk to the Borregas VTA Light Rail Station, which connects the Mountain View CalTrain Station, providing access north to San Francisco and south to Gilroy. The property’s location on East Caribbean Dr offers quick access to Highways 237 and 101, which are both less than one mile away.
Joe Moriarty, Scott Prosser, Tyler Meyerdirk and Jack DePuy with CBRE represented the institutional seller.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
