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Intel Auctions Off Surplus Property in Puerto Rico

PUERTO RICO-The 428,000-sf office, manufacturing and distribution complex is comprised of six connected buildings. The 60-acre property includes a 17-acre development site. The buyer, Lightstone Real Estate Partners, LLC, plans to re-position the property.

By Brian K. Miller | Updated on September 18, 2003

PUERTO RICO-Intel has auctioned off a surplus property in Puerto Rico. The 60-acre property includes a 428,000-sf office, manufacturing and distribution complex and a 17-acre development site. It is the first time the Santa Clara, CA-based chip maker has auctioned off a property. The amount of the winning bid was not disclosed.

“We were seeking to control time in the sales process as opposed to dictate the value.” says Wallace Jacobs, Intel’s real estate manager. “The auction produced results in a matter of weeks as compared to months or years.”

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