Fabrinet Buys Bay Area Office Assets
Based in Thailand, the company has 12,000 employees worldwide.
Electronics manufacturer Fabrinet, acting through a subsidiary, has acquired a three-building R&D office complex in Santa Clara, Calif., for $76.9 million, The Mercury News reports, citing public records. It was an all-cash deal.
The campus totals about 225,000 square feet. The buildings are 2903, 2933 and 2953 Bunker Hill Lane, according to county documents, and are also known at Great America Place.
The buildings last traded for $59.5 million in 2018, Yardi Matrix reports, when Nixon Peabody bought the asset from Newcastle Partners. In August 2015, the property became subject to a $43.75 million loan, held by Blackstone Group.
Fabrinet was founded in 2000 by David T. (Tom) Mitchell, one of the co-founders of Seagate Technology. The company was created to be a service provider for the manufacturing of complex optical components. Fabrinet took over the lease of Seagate’s Chokchai, Thailand, manufacturing site at the time of its founding.
Currently the company, still based in Thailand, has over 12,000 employees worldwide. Fabrinet now provides manufacturing, packaging, process technology, and supply chain services to various markets, including optical communications, automotive, industrial laser and medical products.
On the hunt for Bay Area office
The Bay Area recently has been attracting property-buying tech companies. In June, Apple acquired a 194,827-square-foot office asset at 684 W. Maude Ave. in Sunnyvale, from Union Investment and Metzler Real Estate Advisors, as first reported by The Mercury News.
The property traded for $162.2 million, marking a 26.9 percent discount compared to its 2022 price tag of $222 million. The office building was completed in 2021, and is about 11 miles north of downtown San Jose.
Other investors are also in the market, looking for deals. Late last year. Woodridge Capital Partners has purchased The Harbors, a 112,343-square-foot office property in Sausalito., just north of San Francisco. Seagate Properties sold the asset for $32 million, having previously bought The Harbors in 2019 from Madison Marquette for $52.7 million
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