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South Bay-Praedium JV Flips Business Park

SANTA CLARA, CA-The Praedium Group and South Bay Development sell a 227,000-sf business park here for $34.5 million, $8 million more than they paid for it 24 months ago.

By Brian K. Miller | Updated on April 11, 2007

SANTA CLARA, CA-The 227,000-sf Coronado-Stender Business Park here has changed hands for $34.5 million. The new owner is Adler Realty Investments Inc. of Woodland Hills. The seller, a joint venture of the Praedium Group of New York City and South Bay Development of Campbell, CA, acquired the asset 24 months ago for $26 million.

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 June 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.

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