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12/01/21
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Two adjacent properties in Cupertino, one office and the other retail, traded hands. Together the properties comprise just over 2.5 acres along De Anza Blvd, next to the Infinite Loop campus of a global tech company.
The office property is a Class A building totaling 28.6k sf located at 10600 De Anza Blvd. Built in 1985, the three-story building is currently vacant.
The retail property is located next door at 10690 De Anza Blvd. Built in 2002, it is fully leased to a BJ’s Brewhouse restaurant.
Both properties include surface parking, and there is subterranean parking under the office building. The properties are located in the North De Anza Blvd Special Area Plan, allowing flexibility for future redevelopment across office, industrial, commercial and residential uses.
Scott Prosser, Joe Moriarty and Jack Depuy with CBRE Capital Markets represented the seller, The Sobrato Organization. Tenny Tsai with Cushman & Wakefield repped the buyers, Jian Hua LLC, and Li Mao LLC. A price was given out.
“This was an incredibly rare opportunity to acquire a large property on a prominent corner in one of the best-performing office markets in the country. Only a handful of Class A office buildings have sold in Cupertino over the last few years. Large tech firms in the area have heightened the scarcity and competition for office and R&D space,” noted Prosser.
Cupertino and neighboring Sunnyvale and Mountain View possess the highest concentration of major technology companies in the world. Cupertino’s Class A office vacancy rate is typically the lowest of all Silicon Valley submarkets. Class A vacancy stood at just 3.6% in the third quarter of 2021, according to CBRE research, compared to 11.7% for the Silicon Valley office market as a whole.
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