Although the terms of the transaction were not disclosed, Bob Scullin and Cathy Scullin of NAI Capital Commercial, who represented both sides, said the property was originally listed for sale at $24 million. Ossola will be responsible for their development of the property.
The 165,000 SF class A constructed high-image facility that offers 101 Freeway visibility, consists of two office buildings, built in 1981, of 70,000 sf and 95,000 sf situated in a campus-like gated environment on 17.5 acres including an adjacent 4.3 acres of open land available for development.
Nearon Enterprises, a Northern California-based privately held investment company, with a primary focus on real estate development and investment, purchased the property because it anticipates a continuation of strong growth for office space in the traditionally high-demand Technology Corridor, notes Mr. Scullin.
The buyer, who has plans to improve the property, has retained NAI Capital Commercial to market the 17.5-acre, 165,000 sf campus-like facility for sale at $25 million or lease one or both of the office buildings at $2.25/sf FSG. Because of the property's high image, campus-like environment, 101 Freeway visibility and access, it is excellent for use as a corporate headquarters or for technology-oriented companies.
In addition, the developer is pursuing entitlements to construct up to an additional 150,000-sf, two-story office building on the adjacent 4.3 acres which will be offered for lease upon completion of construction.
Nearon Enterprises, in addition to their recent purchase of the former Litton facility, owns and manages assets exceeding $300 million. The firm's real estate interests include approximately 1.5 million sf of residential, commercial, industrial, office and multi-family buildings.
The company is a significant investor in numerous partnerships operating a wide range of enterprises, including a 1,000-acre master-planned community in Colorado, a golf course and mixed-use developments that include hotel and retail components. The company also has significant land holdings for future development.
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