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2/23/16
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TIAA-CREF closed out 2015 with the acquisition of Stevenson Point Tech Park, a 312.9k sf office/R&D campus in Newark. The asset was sold by Broadreach Capital Partners.
Built in 2000, the suburban Silicon Valley project consists of five single-story buildings on just over 20 acres in a campus-like setting at Eureka Blvd and Stevenson Blvd. The buildings include 39611 Eureka Drive (48k sf), 39655 Eureka Drive (88.3k sf), 39745 Eureka Drive (52.7k sf), 39660 Eureka Drive (61.5k sf), and 39630 Eureka Drive (62.4k sf).
The multi-tenant project was fully leased at the time of sale to a strong mix of seven leading technology and healthcare companies, including Membrane Technologies, Cellotape, Medina Medical and Triple Ring Technologies. A majority of the buildings have undergone an extensive renovation, including a substantial investment by the tenants, demonstrating their commitment to the property.
Grant Lammersen, Adam Lasoff, Seth Siegel, George Eckard and Michael Karp with Cushman & Wakefield’s offices in San Francisco and Oakland represented the seller in the transaction. The price was not disclosed.
Stevenson Point Tech Park is an approximate one-mile straight shot to I-880 via Stevenson Blvd and is also conveniently located near California Highway 84 / Dumbarton Bridge, giving it great accessibility throughout the region. In addition, the Bay Area Rapid Transit (“BART”) extension to Fremont, which is less than five miles from the property and scheduled for completion soon, further enhances the desirability of this location.
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