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6/29/21
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Peninsula Land and Capital recently purchased a portfolio of R&D/flex portfolio totaling 585.5k sf across the Silicon Valley submarkets of. The properties were sold by a fund managed by DRA Advisors.
At the time of the sale, the portfolio was 94% leased to seven tenants with a weighted average lease term of approximately 7.6 years. The portfolio boasts an established tenant roster, including Hummingbird Energy Storage, Enovix Corporation, Nanosys, Optovue Inc., BriteLab and Applied Engineering and is anchored by BAE Systems, which occupies over 160k sf.
Scott Prosser, Joe Moriarty, and Jack DePuy of CBRE represented the seller in the transaction.
Silicon Valley’s R&D market is one of the most supply-constrained markets in the nation. The overall R&D vacancy rate at the end of the first quarter of 2021 was 10.1% and has been at or below 10% for the past 26 quarters.
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