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FirstCal Acquires 11-Building R&D Portfolio

SAN JOSE-The $950-million joint venture of publicly held First Industrial Realty Trust of Chicago and the California State Teachers Retirement System acquires 737,000 sf of buildings in four developments in the Santa Clara County cities of San Jose, Sunnyvale, and Milpitas.

By Brian K. Miller | Updated on September 02, 2005

SAN JOSE-FirstCal, the $950-million joint venture of publicly held First Industrial Realty Trust of Chicago and the California State Teachers Retirement System has acquired 737,000 sf of R&D space in 11 buildings in four developments in the Santa Clara County cities of San Jose, Sunnyvale, and Milpitas. The purchase price was $85.5 million, according to local industry sources.

The portfolio was 65% leased when it was brought to market but rose to 75% before it was put under contract. Two of the long-term tenants are United Laboraroties and Qualcomm, which each lease one of the buildings in the portfolio.First Industrial’s senior investment officer Wallace Murfit did not return a phone call seeking comment. In a prepared statement, he says FirstCal completed its underwriting process in 30 days and closed the transaction eight days later. The purchase was brokered by CB Richard Ellis, The brokers involved were Bob Gilley, Erik Doyle, Steve Hermann, Mark Schmidt, Reed Payne, and Christian Marent. Neither Gilley nor Hermann could be reached for comment.

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