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Amstar Re-Enters Bay Area With $75M Acquisition

SAN JOSE, CA-The Denver-based real estate private equity firm acquires a five-building 417,632-sf office and R&D development here from an entity of Menlo Equities.

By Brian K. Miller | Updated on August 29, 2005

SAN JOSE, CA-Amstar Group of Denver has re-entered the Bay Area market with the acquisition of Montague Park, a five-building 417,632-sf office and R&D development here that sits on Zanker Road. The purchase price was $75.1 million. The seller was Montague LLC, an entity of Menlo Equities.

Developed between 1986 and 1990, Montague Park sits on 23.6 acres and is approximately 61% leased. The buildings range in size from approximately 75,000 sf to nearly 100,000 sf. Three buildings are fully leased and two buildings are vacant. Major tenants include Ultratech Inc. and Pillar Data Systems. Each building is located on an individual parcel and has a water feature at its main entrance. Surface parking for 1,519 vehicles provides a parking ratio of 3.64 cars per 1,000 sf of rented space. Loading capabilities are provided for each building via one grade-level and one dock-high door.

Amstar Group describes Montague Park as a class A office/lab space asset that is “perfectly positioned” to be the next highly desired product in the Silicon Valley “simply because class A+ product is being quickly absorbed.” The company’s value-add strategy is to implement an aggressive leasing effort and upgrade the appearance of the campus in order to secure deals in the improving office market.

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