{"id":1004048147,"date":"2012-10-10T07:22:36","date_gmt":"2012-10-10T15:22:36","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004048147"},"modified":"2022-12-08T11:21:45","modified_gmt":"2022-12-08T19:21:45","slug":"w3-jv-acquires-sunpower-occupied-property-in-san-jose","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/w3-jv-acquires-sunpower-occupied-property-in-san-jose\/","title":{"rendered":"W3 JV Acquires Sunpower Occupied Property in San Jose"},"content":{"rendered":"

By Keith Loria, Contributing Editor<\/em><\/p>\n

\"\"<\/a><\/p>\n

W3 Partners, an institutional real estate investment manager and operating company, and Ridge Capital Partners, L.L.C., a private equity investment firm, formed a joint venture to acquire a three-building R&D office complex in San Jose, Calif.<\/p>\n

Located on approximately 11 acres at 51, 77 and 145 Rio Robles Drive in the heart of the Silicon Valley, the 27-year-old, 185,074-square-foot Class A complex was renovated last year.<\/p>\n

\u201cThe asset is a \u2018best of class\u2019 in the market and provided us with an opportunity to acquire an off-market transaction that combines cash flow from the existing tenant base, as well as a value-add component for leasing up the one currently vacant building,\u201d Susan Sagy, W3 Partners\u2019 managing partner, told Commercial Property Executive<\/em>. \u201cThis purchase fits perfectly within our acquisition strategy.\u201d<\/p>\n

Two of the three buildings within the property are fully occupied by SunPower Corporation, which designs, manufactures, and markets high performance solar electric power technologies. The third building, which totals 56,895 square feet, is currently vacant.<\/p>\n

A key acquisition strategy was working with SunPower to consolidate from its occupancy of all three single-story buildings into two buildings, providing the new owners with long-term value creation through lease up of the now vacant building.<\/p>\n

\u201cWe are going to make some improvements to a portion of the 145 building, which has not been as highly upgraded as the as the balance of that building,\u201d Sagy said. \u201cOtherwise, this is truly the best quality product on the market.\u201d<\/p>\n

The Silicon Valley office\/R&D area is considered by industry experts as one of the most desirable markets in the country due to its diverse economy. With tenants now looking to North San Jose, market vacancy is expected to drop over the next eight quarters.<\/p>\n

\u201cThere are limited amounts of large blocks of space of greater than 50,000 square feet in the market and none offering this quality level,\u201d Sagy said. \u201cWhat\u2019s unique about these buildings is their location and high quality improvements combined with the fact that two buildings are leased and one offers the opportunity to lease.\u201d<\/p>\n

The buyers represented themselves in the transaction. The seller, Lane Partners and Walton Street, was represented by Newmark Knight Frank Cornish & Carey.<\/p>\n

Industry sources revealed the purchase price to be $34 million.<\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

A JV of W3 Partners and Ridge Capital Partners has purchased a three-building Class A office complex in the third largest city in California.<\/p>\n","protected":false},"author":451,"featured_media":1004048152,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21742,21747,21787,15],"tags":[],"class_list":["post-1004048147","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-latest","category-office","category-technology","category-west"],"acf":[],"yoast_head":"\nW3 JV Acquires Sunpower Occupied Property in San Jose - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/w3-jv-acquires-sunpower-occupied-property-in-san-jose\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"W3 JV Acquires Sunpower Occupied Property in San Jose\" \/>\n<meta property=\"og:description\" content=\"A JV of W3 Partners and Ridge Capital Partners has purchased a three-building Class A office complex in the third largest city in California.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/w3-jv-acquires-sunpower-occupied-property-in-san-jose\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2012-10-10T15:22:36+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T19:21:45+00:00\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/10\/San-Jose-property1.jpg\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/w3-jv-acquires-sunpower-occupied-property-in-san-jose\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/w3-jv-acquires-sunpower-occupied-property-in-san-jose\\\/\"},\"author\":{\"name\":\"Keith Loria\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/aaa29b723dad85f2444ae3cb0c4d735f\"},\"headline\":\"W3 JV Acquires Sunpower Occupied Property in San Jose\",\"datePublished\":\"2012-10-10T15:22:36+00:00\",\"dateModified\":\"2022-12-08T19:21:45+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/w3-jv-acquires-sunpower-occupied-property-in-san-jose\\\/\"},\"wordCount\":393,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/w3-jv-acquires-sunpower-occupied-property-in-san-jose\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2012\\\/10\\\/San-Jose-property1.jpg\",\"articleSection\":[\"Investment\",\"News\",\"Office\",\"Technology\",\"West\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/w3-jv-acquires-sunpower-occupied-property-in-san-jose\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/w3-jv-acquires-sunpower-occupied-property-in-san-jose\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/w3-jv-acquires-sunpower-occupied-property-in-san-jose\\\/\",\"name\":\"W3 JV Acquires Sunpower Occupied Property in San Jose - 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