{"id":1004230790,"date":"2018-05-18T02:11:04","date_gmt":"2018-05-18T10:11:04","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004230790"},"modified":"2022-12-08T17:22:55","modified_gmt":"2022-12-09T01:22:55","slug":"silicon-valley-office-campus-lands-71m-refi","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/silicon-valley-office-campus-lands-71m-refi\/","title":{"rendered":"Silicon Valley Office Campus Lands $71M Refi"},"content":{"rendered":"

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

\"The<\/a>

The Junction at Montague in San Jose, Calif.<\/p><\/div>\n

A partnership between Rockwood Capital and Four Corners Properties has received $71.5 million in refinancing for The Junction at Montague, a four-building, 262,110-square-foot, office\/R&D campus in San Jose, Calif.<\/p>\n

Brad Zampa, Mike Walker and Megan Woodring of CBRE\u2019s San Francisco office arranged the five-year, floating-rate bridge financing at a competitive spread priced over the 30-Day LIBOR with a national mortgage REIT focused on investing in larger, West Coast value-add debt opportunities.<\/p>\n

\u201cAt Junction at Montague, the multi-functional buildings will attract all types of Silicon Valley tenants, ideal for both office and R&D use,\u201d <\/em>Woodring, CBRE\u2019s vice president, told Commercial Property Executive. \u201cThese available buildings range in size from 60,000 to 90,000 square feet, providing a high degree of functionality and divisibility along with the ability to grow a tenant within the project. The variety caters to a wide range of tenant demands in Silicon Valley and we believe our clients will have near-term success leasing the project.\u201d\u00a0<\/em><\/p>\n

The money will be used to finalize a substantial repositioning to create an open, creative office\/R&D space with ample amenities, remodeling more than 65 percent of the portfolio.<\/p>\n

The property is located on 16 acres at 2520, 2560, 2580 Junction Ave. and 541 E. Trimble Road, in the heart of Silicon Valley\u2019s \u201cGolden Triangle.\u201d<\/p>\n

Its impressive tenant roster includes Infineon Technologies AG and Avnet, one of the world\u2019s largest franchised distributors of electronic components and subsystems.<\/p>\n

The property\u2019s central location provides ease-of-access throughout Silicon Valley via the region\u2019s key freeway systems.<\/p>\n

An Impressive San Jose Market<\/strong><\/h2>\n

The joint venture originally purchased the property at the end of 2015. It\u2019s believed that once the renovations are completed, the portfolio will be poised to capitalize on North San Jose\u2019s transformation into both a major technology employer and an up-and-coming live-work-play area.<\/p>\n

CBRE research reveals that the North San Jose submarket is one of the top areas for both developing companies and established Fortune 500 firms, due to the high quality of tech-focused space, its central location in Silicon Valley and the numerous new residential and retail developments coming into the area.<\/p>\n

\u201cOwner-users are changing the landscape of North San Jose, displacing smaller tenants and reducing available inventory from the market,\u201d<\/em> Woodring said. \u201cTenant demand for space in North San Jose is expected to continue causing rental rates to rise and vacancy rates to compress. Since 2011, North San Jose R&D asking rates have increased an outstanding 115.5 percent from $1.00 triple net to north of $2.25 triple net.\u201d \u00a0<\/em><\/p>\n

In March, Rockwood Capital\u00a0acquired Growers Square, a three-building, 195,372-square-foot Class A office project in Walnut Creek<\/a>, Calif.<\/p>\n

Image courtesy of CBRE<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

CBRE has arranged the financing on behalf of Rockwood Capital and Four Corners Properties, the owners of The Junction at Montague, a four-building, 262,110-square-foot property in San Jose, Calif. <\/p>\n","protected":false},"author":451,"featured_media":1004230810,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,21742,21747,36079,15],"tags":[32789,32839],"class_list":["post-1004230790","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-finance","category-latest","category-office","category-san-jose","category-west","tag-cbre","tag-rockwood-capital-llc"],"acf":[],"yoast_head":"\nSilicon Valley Office Campus Lands $71M Refi - 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\/silicon-valley-office-campus-lands-71m-refi\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Silicon Valley Office Campus Lands $71M Refi\" \/>\n<meta property=\"og:description\" content=\"CBRE has arranged the financing on behalf of Rockwood Capital and Four Corners Properties, the owners of The Junction at Montague, a four-building, 262,110-square-foot property in San Jose, Calif.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/silicon-valley-office-campus-lands-71m-refi\/\" \/>\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=\"2018-05-18T10:11:04+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T01:22:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/The-Junction-at-Montague.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\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\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/silicon-valley-office-campus-lands-71m-refi\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/silicon-valley-office-campus-lands-71m-refi\\\/\"},\"author\":{\"name\":\"Keith Loria\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/aaa29b723dad85f2444ae3cb0c4d735f\"},\"headline\":\"Silicon Valley Office Campus Lands $71M Refi\",\"datePublished\":\"2018-05-18T10:11:04+00:00\",\"dateModified\":\"2022-12-09T01:22:55+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/silicon-valley-office-campus-lands-71m-refi\\\/\"},\"wordCount\":465,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/silicon-valley-office-campus-lands-71m-refi\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2018\\\/05\\\/The-Junction-at-Montague.jpg\",\"keywords\":[\"CBRE\",\"Rockwood Capital LLC\"],\"articleSection\":[\"Featured\",\"Finance\",\"News\",\"Office\",\"San Jose\",\"West\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/silicon-valley-office-campus-lands-71m-refi\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/silicon-valley-office-campus-lands-71m-refi\\\/\",\"name\":\"Silicon Valley Office Campus Lands $71M Refi - 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