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8/31/23
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BGO acquired a mission-critical, R&D facility totalling 75.4k sf in Sunnyvale that is fully leased by Apple. The property, located at 825 Stewart Dr, was sold by GI Partners.
The trade was valued at about $41 mil, according to other reports. That’s a notable increase from the $34.7 mil that GI paid in 2016.
825 Stewart Dr was most recently renovated in 2015. Apple invested significant capital into the building infrastructure. The two-story building offers highly specialized lab improvements and 242 surface parking spaces.
The facility is positioned on 4.3 acres just minutes from the tenant’s larger Cupertino headquarters in Silicon Valley. The building offers superior access throughout the San Francisco Bay Area, being located close to the Central and Lawrence Expressways and Highways 237 and 101. Additionally, the property is less than two miles from the Sunnyvale Caltrain station and the Lawrence Caltrain station. Sunnyvale is close to many of the area’s executive housing communities, including Los Altos Hills, Woodside, Hillsborough, Atherton and Palo Alto.
Will Connors, Daniel Renz, Michael Manas, Cheri Pierce, Kendall Willet and Aisling Duffy with JLL represented the seller in the transaction.
"The successful sale of 825 Stewart Dr. underscores the importance of mission-critical infrastructure and power in today's capital markets environment,” said Manas. “The specialized lab improvements, coupled with the tenant's significant capital investments, created a compelling value proposition and competitive buyer pool.”
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