Named for the streets it borders, the 30-year-old park has seven single-story buildings on 15.75 acres that are 100% leased. Major tenants include Integrated Device Technology, Toppan Photomask and Daystar Technologies.
When the seller acquired the building in March 2005, a representative told GlobeSt.com that Integrated Device Technology's leasehold on three buildings totaling 120,000 sf would be expiring over the ensuing three years. A representative of the developer tells GlobeSt.com that the IDT lease for one 50,000-sf building expired in October 2005 and the space has been re-leased. Another source tells GlobeSt.com that the leases on the two other buildings will be expiring over the course of the next year.
CB Richard Ellis brokers Douglas Yoder, Paul Lyles and Chip Sutherland represented the buyer. Kirsten Grado and Alan Guterman of CPS/Corfac International and Kalil Jenab of NAI BT Commercial represented the seller.
The Praedium Group is a 15-year-old real estate investment firm focusing on under-performing and under-valued assets throughout North America. South Bay Development acquires, develops and owns commercial property for its own account and in partnership with a variety of institutional investors. The firm focuses its efforts entirely in Northern California.
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