{"id":1004084178,"date":"2013-09-25T22:42:34","date_gmt":"2013-09-26T06:42:34","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=187604"},"modified":"2022-03-04T16:52:21","modified_gmt":"2022-03-05T00:52:21","slug":"rd-property-trades-hands-in-santa-clara-last-milpitas-mervyns-completes-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/rd-property-trades-hands-in-santa-clara-last-milpitas-mervyns-completes-portfolio\/","title":{"rendered":"R&D Property Trades Hands in Santa Clara; Last Milpitas Mervyns Completes Portfolio"},"content":{"rendered":"

By Alex Girda, Associate Editor<\/em><\/p>\n

Commercial development in Silicon Valley seems to be running rampant with large new projects, but recent deals have shown that existing properties are also drawing investor interest in the area.<\/p>\n

Foster Enterprises recently acquired an R&D building in Santa Clara, while Shapell Properties completed the acquisition of the last vacant Mervyns store in Milpitas for a price of $12 million.<\/p>\n

Foster Enterprises, the company founded by the developer responsible for Forest City in the 1960s, has acquired the research and development property at 5440 Patrick Henry Drive from Abbott Labs.<\/p>\n

The facility offers the new owner 185,000 square feet of R&D space in Silicon Valley, the strongest tech market in the country.<\/p>\n

Seller Abbott Labs will stay on as the tenant for a few months as per a leasing agreement completed at the time of the transaction. Abbott will subsequently move to its new facility at 4551 Great America Parkway, recently leased from the Sobrato Organization, according to a report by The Silicon Valley Business Journal<\/em><\/a>.<\/p>\n

The Milpitas Mervyns site traded hands from Macerich Co. to Shapell Properties for a total of $12 million.<\/p>\n

The new owner had already owned most of the Milpitas Town Center, and with the acquisition of the former department store, Shapell has rounded out its property with the 75,000-square-foot facility located at 749 E. Calaveras Boulevard.<\/p>\n

The site has had various development initiatives fall through in recent years, with the latest being a project for a Jewel of India Mall, a plan that fell through last year, according to a SVBJ<\/em><\/a> report.<\/p>\n

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

As commercial development in Silicon Valley runs rampant with huge new projects, existing properties also continue to drive investor interest, recent deals show. Foster Enterprises recently acquired an R&D building in Santa Clara, while Shapell Properties completed the acquisition of the last vacant Mervyns store in Milpitas for a fee of $12 million.<\/p>\n","protected":false},"author":41,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1609],"tags":[1815],"class_list":["post-1004084178","post","type-post","status-publish","format-standard","hentry","category-san-francisco","tag-national"],"acf":[],"yoast_head":"\nR&D Property Trades Hands in Santa Clara; Last Milpitas Mervyns Completes Portfolio - 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\/rd-property-trades-hands-in-santa-clara-last-milpitas-mervyns-completes-portfolio\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"R&D Property Trades Hands in Santa Clara; Last Milpitas Mervyns Completes Portfolio\" \/>\n<meta property=\"og:description\" content=\"As commercial development in Silicon Valley runs rampant with huge new projects, existing properties also continue to drive investor interest, recent deals show. 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