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Lennar Partners Sells Regency Plaza

SANTA CLARA, CA-Pacific Coast Capital Partners of San Francisco buys the 232,955-sf class A office building along with a six-acre parking parcel and a one-acre development parcel for about $40.5 million.

By Brian K. Miller | Updated on September 12, 2005

SANTA CLARA, CA-The 233,000-sf Regency Plaza here has changed hands for $40.5 million and been renamed Mission City Center. The 13-story class A office building was sold by Lennar Partners. The new owner is Pacific Coast Capital Partners of San Francisco.

Prominently situated alongside Highway 101, adjacent to Intel’s world headquarters, the building is currently 65% occupied by 39 different tenants. The seller, Miami-based Lennar Partners, took ownership of the property after a lengthy foreclosure process. The acquisition includes two adjacent parcels, a six-acre parking parcel and a one-acre development parcel.

Silicon Valley entrepreneur Sunil Suri lost the building to Lennar, the lender, in mid-2004. Suri had acquired the building just before the turn of the century and as tenant demand fell along with the dot-com industry, he apparently couldn’t meet obligations related to the building’s securitized mortgage.

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