{"id":1004180067,"date":"2017-06-12T06:13:21","date_gmt":"2017-06-12T14:13:21","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004180067"},"modified":"2022-12-09T02:21:54","modified_gmt":"2022-12-09T10:21:54","slug":"nocal-medical-park-trades-in-1031-exchange","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/nocal-medical-park-trades-in-1031-exchange\/","title":{"rendered":"NoCal Medical Park Trades in 1031 Exchange"},"content":{"rendered":"

By Ariela Moraru<\/p>\n

\"Calaveras<\/a>

Calaveras Park Professional Center, Milpitas, Calif.<\/p><\/div>\n

Marcus & Millichap has arranged the sale of the Calaveras Park Professional Center, a medical dental office park in Milpitas, Calif., for roughly\u00a0$9.4 million, or $455 per square foot. The 21,008-square-foot multi-tenant property traded\u00a0a cap rate of 6 percent and was part of a 1031 exchange<\/a>. Vincent Schwab, senior managing director of investments in the firm\u2019s San Francisco office, represented the seller, JB Matteson and procured the buyer, Sinogap LLC.<\/p>\n

Located on East Calaveras Parkway at 466 E. Calaveras Blvd., across from City Hall and the Safeway-anchored Milpitas Town Center, the medical complex has easy access to interstates 680 and 880. The three single-story buildings were built in 1979.<\/p>\n

The 1031 exchange<\/h2>\n

\u201cThis sale completes a 1031 exchange that started with the listing of a development property in Sunnyvale more than two years ago,\u201d <\/em>said Schwab in prepared remarks. \u201cNumerous office building developers attempted to buy the land but faced substantial hurdles in obtaining entitlements. The 3.4-acre development site experienced numerous challenges while the city was refining the Peery Park specific plan. We closed that property earlier in May with a South Carolina-based hotel developer and my clients exchanged into the Calaveras Park Professional Center and an apartment complex in San Jose.\u201d<\/em><\/p>\n

\"767-769<\/a>

767-769 N. Mathilda Ave., Sunnyvale, Calif.,<\/p><\/div>\n

The Silicon Valley redevelopment site which was part of the 1031 exchange changed hands for $21 million. Located at 767-769 N. Mathilda Ave. in Sunnyvale, Calif., the 3.4-acre redevelopment had been in the sellers\u2019 family for over 50 years. Schwab and Associate Jeffrey Ida represented the seller, Sinogap LLC. The buyer, OTO Development, plans to develop a Hilton Garden Inn. A night club known as the Palladium, TL Beer Garden and a restaurant are currently at the location.<\/p>\n

Images courtesy of Marcus & Millichap and Google Earth<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Sinogap LLC has exchanged a Silicon Valley redevelopment site for a 21,008-square-foot multi-tenant medical dental office park in Milpitas, Calif., and an apartment community in San Jose, Calif.<\/p>\n","protected":false},"author":960,"featured_media":1004505686,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,21754,21752,21742,1609,15],"tags":[33536,34814,32864,36107],"class_list":["post-1004180067","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-medical-office","category-mixed-use","category-latest","category-san-francisco","category-west","tag-1031-exchange","tag-jb-matteson-inc","tag-marcus-and-millichap","tag-oto-development"],"acf":[],"yoast_head":"\nNoCal Medical Park Trades in 1031 Exchange - 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\/nocal-medical-park-trades-in-1031-exchange\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NoCal Medical Park Trades in 1031 Exchange\" \/>\n<meta property=\"og:description\" content=\"Sinogap LLC has exchanged a Silicon Valley redevelopment site for a 21,008-square-foot multi-tenant medical dental office park in Milpitas, Calif., and an apartment community in San Jose, Calif.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/nocal-medical-park-trades-in-1031-exchange\/\" \/>\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=\"2017-06-12T14:13:21+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T10:21:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/Calaveras-Park-Professional-Center-Milpitas-Calif..jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"840\" \/>\n\t<meta property=\"og:image:height\" content=\"560\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Ariela Moraru\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\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\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/nocal-medical-park-trades-in-1031-exchange\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/nocal-medical-park-trades-in-1031-exchange\/\",\"name\":\"NoCal Medical Park Trades in 1031 Exchange - 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