{"id":1004519371,"date":"2021-03-31T02:52:15","date_gmt":"2021-03-31T10:52:15","guid":{"rendered":"http:\/\/internal.cpexecutive.com\/?p=1004519371"},"modified":"2022-04-19T00:39:10","modified_gmt":"2022-04-19T08:39:10","slug":"silicon-valley-office-asset-trades-for-35m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/silicon-valley-office-asset-trades-for-35m\/","title":{"rendered":"Silicon Valley Office Asset Trades for $35M"},"content":{"rendered":"
\"\"<\/a>

South Bay Tech Center<\/p><\/div>\n

South Bay Tech Center, a six-building, 161,700-square-foot office\/R&D property in Milpitas, Calif., has changed hands for $35.3 million, Santa Clara County records show. The buyer was Intelli LLC, an entity affiliated with Vien Thao Media. The San Jose-based firm financed the acquisition with a $21.2 million loan from Cathay Bank. The seller was an entity affiliated with Benlin Properties.<\/p>\n

The Class B property traded for approximately $218 per square foot. The price is more than 50 percent smaller than the average sale price recorded year-to-date through February for Bay Area office assets, according to a recent CommercialEdge report.<\/p>\n

Situated on more than 11 acres at 1603 S. Main St., the office campus came online in 1987. The asset comprises four one-story and two two-story buildings that also feature loading doors for industrial use. A diverse mix of tenants leased space at the property, with the tenant roster including Bay Area Realty Investment, Wine Globe, Forever Health and Concentra Urgent Care.<\/p>\n

The property is 6 miles north of downtown San Jose and Google\u2019s massive mixed-use development<\/a>, just north of Montague Expressway. The location is also 2 miles from another office\/R&D campus<\/a> that traded in August for $45.5 million.<\/p>\n

A flurry of Silicon Valley investments<\/h2>\n

Despite difficulties brought about by the pandemic, the Bay Area office market has witnessed a high number of deals during the last six months. CommercialEdge data shows 38 properties totaling more than 4.5 million square feet changed hands for an aggregate value of $1.8 billion in the fourth quarter of 2020 alone. Of the total, Silicon Valley assets accounted for a little more than $4 million, marking a 44.5 percent drop in the year-over-year investment activity, according to a recent Kidder Mathews report.<\/p>\n

One of the largest deals closed in October, when Swift Real Estate Partners acquired a 373,000-square-foot office campus<\/a> leased to Apple in Cupertino, Calif., for $346 million. The seller was DWS Group, the asset management affiliate of Deutsche Bank, which sold the Class B asset after nearly seven years of ownership.<\/p>\n

Other noteworthy transactions include DivcoWest\u2019s $160 million disposition of a 317,612-square-foot office\/R&D campus<\/a> in San Jose, Calif., and Stanford University\u2019s $123 million sale of a newly constructed, 85,420-square-foot building<\/a> within its Stanford Research Park in Palo Alto, Calif.<\/p>\n","protected":false},"excerpt":{"rendered":"

An entity affiliated with Vien Thao Media acquired the six-building property in Milpitas, Calif.<\/p>\n","protected":false},"author":870,"featured_media":1004528690,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21825,21783,21742,21747,36079,15],"tags":[34945,33541],"class_list":["post-1004519371","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-finance","category-investment","category-latest","category-office","category-san-jose","category-west","tag-cathay-bank","tag-silicon-valley-submarket"],"acf":[],"yoast_head":"\nSilicon Valley Office Asset Trades for $35M - 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-asset-trades-for-35m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Silicon Valley Office Asset Trades for $35M\" \/>\n<meta property=\"og:description\" content=\"An entity affiliated with Vien Thao Media acquired the six-building property in Milpitas, Calif.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/silicon-valley-office-asset-trades-for-35m\/\" \/>\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=\"2021-03-31T10:52:15+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-04-19T08:39:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/South-Bay-Tech-Center-e1617184723868.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"750\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Adriana Marinescu\" \/>\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\/silicon-valley-office-asset-trades-for-35m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/silicon-valley-office-asset-trades-for-35m\/\",\"name\":\"Silicon Valley Office Asset Trades for $35M - 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