The Marriott Business Park, an office/R&D business park totaling 427,500 square feet in Santa Clara, California, traded hands this week as HFF closed the sale of the property. Legacy Partners, in joint venture with AllianceBernstein U.S. Real Estate Partners, purchased the property for an undisclosed amount. Holliday Fenoglio Fowler marketed the property on behalf of the seller, a joint venture composed of two unnamed global investment managers.
"Investors were attracted to the stable in-place occupancy with substantial upside potential from near-term rollover of currently occupied suites, which were leased at rates significantly below-market, allowing the new owner to capitalize on the surging office market," said HFF managing director Steven Golubchik. "Furthermore, the property offered investors increased site density should the new ownership seek redevelopment in the future."
For more news and information visit Blumberg Capital Partners.
No comments:
Post a Comment