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8/10/21
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Montana Avenue Capital Partners LLC (MAC) purchased a 53.6k sf, freestanding single-story office/R&D building on nearly four acres in Sunnyvale for $19.3 mil ($360/sf). MAC intends to re-brand the property, located at 970 Stewart Dr, as “Nine Seventy”.
The property was sold by Dellamanos and Hesslers, which had owned the property since 2005. It is currently fully leased, but expected to be vacant in the near term.
The building was originally constructed in the 1980s and the seller completed a multi-million dollar renovation during 2013-2014. The property currently features an expansive training room, board room, multiple conference rooms, and a cafeteria with direct access to a covered outdoor patio, as well as an on-site gym, EV charging stations, and grade and dock loading capabilities.
MAC now plans for its own full remodel of the property as a more creative, modernized workplace. The new interior and exterior renovations at Nine Seventy will consist of an upgraded façade, new lobby entrance, and upgraded restroom cores. There will also be three newly designed wifi-enabled outdoor patio and lounge areas, tech bars for outdoor workspace, dining areas, large roll-up glass doors, and abundant green spaces and new landscaping.
Nine Seventy is strategically located in a dense business district close to Caltrain, Highway 101, Central Expressway and plentiful amenities and entertainment, including retail, dining, fitness, hospitality, and Levi’s Stadium. The San Jose International Airport is also nearby.
Cushman & Wakefield’s Kalil Jenab and Steven Jenab represented both parties in the sale and were also retained by MAC to handle project leasing for the asset. According to Jenab, the building can accommodate a variety of users including tech, professional and life sciences due to its clear height. The deal represents MAC’s 8th completed acquisition since December 2020.
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