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July 12, 2024
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Cannae Partners Buys 128k sf Milpitas R&D Property


A partnership controlled by San Francisco-based Cannae Partners purchased a freestanding, 127.6k sf R&D property in Milpitas for $32.8 mil ($257/sf). The property, located at 275 S. Hillview, was sold by Analog Devices Inc, who used it as a semiconductor fabrication facility.

275 Hillview currently consists of highly specialized infrastructure, including 35.9k sf of Class 10 cleanroom and service area with a fully operational, 7.7k sf sub-fab and four (4) 2,500 kVA substations with capacity for 10 megawatts of power. The building is situated on 6.4 acres and is surrounded by retail amenities, housing, and transportation, as well as semiconductor and technology companies.

The buyer plans to renovate and re-tenant the asset in the coming quarters. Cushman & Wakefield’s Todd Beatty, Steve Horton, Kelly Yoder and Carrick Young represented the seller in the transaction.

“Centrally positioned in Milpitas, this high-quality asset enables US domestic chip production in the heart of Silicon Valley. With an extremely limited supply of fabrication facilities globally, and of which very few are made available, this was a rare opportunity to acquire a unique asset in a top tier market that attracts a strong work force and industry-leading companies,” noted Beatty.

According to Cushman & Wakefield’s Q1-2022 R&D market report, Silicon Valley’s R&D vacancy decreased for the third quarter in a row, standing at 11.6% overall in the first quarter. Occupancy growth was also positive for the third straight quarter, achieving 1.1 msf of positive net absorption during the first quarter.

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