NEWARK, CA-Urdang, the real estate manager for BNY Mellon, and its joint venture partner CapRock Partners have sold a 238,000-square-foot class A industrial building here on the edge of Silicon Valley for $22.1 million. The property was sold to Mitac Information Systems Corp., a US-based division of Taiwanese MiTAC International with core competencies in electronics manufacturing services, for $93 per square foot.
According to Cyndi Thomas, VP of Urdang Capital Management, “There is growing demand for large manufacturing and warehousing facilities as multinational technology firms expand aggressively and attract suppliers to the region.”
Thomas points out that the firm purchased the note directly from a publicly traded bank in June 2011 at “an attractive price,” which GlobeSt.com learned was around $41 per square foot, and she notes that the firm “believed the property would appeal to multinational companies such as MiTAC seeking space in the East Bay area near San Francisco.”
At the time of acquisition, the original borrower had filed for bankruptcy, according to Urdang, so they, along with CapRock, took title to the property in March 2012 through a foreclosure.
“The acquisition of the non-performing note presented a unique opportunity to obtain title to a premier industrial asset in the San Francisco Bay area at a steep discount to replacement cost,” explains Jon Pharris, a principal at CapRock, in a prepared statement.
The building, located at 39889 Eureka Dr., was built in 2008 to serve as a corporate headquarters, manufacturing, and warehousing facility. Features include manufacturing and warehousing space with ceilings 30 to 32 feet high, a commercial grade kitchen, an employee cafeteria, nearly 40,000 square feet of space, and a fenced yard.
Greg DeLong and Chip Sutherland of CB Richard Ellis represented Urdang and CapRock Partners, while Joe Kelly and Rob Shannon of CBRE represented the buyer.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
