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4/18/16
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In a recent Bay Area sale, an affiliate of KT Properties Urban Inc purchased a 70.5k sf R&D/office building located at 3055 Patrick Henry Dr, north of Hwy 101 and just west of Graet America Pkwy in Santa Clara. The property was sold by Hudson Pacific Properties for $19 mil before certain credits, prorations, and closing costs. The sale was an all-cash, off-market transaction.
Hudson Pacific acquired the building as part of the San Francisco Peninsula and Silicon Valley portfolio purchased in April 2015 from Blackstone. The asset was entirely vacant at the time of sale.
“Patrick Henry Drive was a non-core holding in our portfolio, and we elected to sell the property after receiving a compelling unsolicited offer above our purchase price allocation," said Victor Coleman, Chairman and CEO of Hudson Pacific Properties. “Given the strength of our markets and number of qualified buyers, we continue to evaluate disposition opportunities for a select group of assets.”
Tom Trombatore of Colliers International represented the buyer in the transaction.
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