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476,500-SF San Tomas Biz Park Changes Hands

SANTA CLARA, CA-Harvest Properties of Emeryville and money partner Blackrock Realty Advisors acquire the 10-building park for an undisclosed price said to be between $95 million and $100 million.

By Brian K. Miller | Updated on January 02, 2006

SANTA CLARA, CA-The 476,500-sf San Tomas Business Park here has changed hands, local real estate sources tell GlobeSt.com. Value-add investor Harvest Properties of Emeryville and its money partner Blackrock Realty Advisors of Florham Park, NJ acquired the 10-building park from an affiliate of Miami-based LNR Partners.

The price, which was not released by the parties involved, came in at least 10% below the $110 million Divco West Properties paid Cigna Insurance for the asset in 2000, one local industry source tells GlobeSt.com. Divco and its capital partner gave the property back to their lender in 2004 after key tenants left and the income couldn’t service the debt on the highly leveraged property. The LNR affiliate acquired it from the lender; the acquisition price was not readily available.Located off the San Tomas Expressway, the 24-acre development is about 80% leased. Tenants include Akamai Technologies, Edify Corp. and Digital Network. CB Richard Ellis will remain the leasing agent for the property.

The sale to the Harvest-Blackrock JV was brokered by CBRE brokers Erik Doyle, Bob Gilley, Katherine Kelleher and Scott Mathisen. Kelleher, when reached for comment, declined to confirm the price or comment on the transaction, citing a nondisclosure agreement. No one from Harvest or Blackrock returned phone calls seeking comment.

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