SANTA CLARA, CA-The sale of Park Square, an office and R&D business park here totaling 456,000 square feet has closed. The seller was a joint venture between two global investment managers.
HFF marketed the properties on behalf of the seller. Southern California-based the Irvine Co. was the buyer.
The property is adjacent to Highway 101 near Lawrence Expressway in Santa Clara. Situated on 31.1 acres, Park Square includes 13, single- and two-story buildings that are 60% leased. Constructed between 1977 and 1978, the property has been institutionally maintained and has recently undergone significant capital and tenant improvements.
The HFF team representing the seller was led by senior managing director Michael Leggett, managing director Steven Golubchik and associate director John Simerlein.
“This asset offered investors the opportunity to acquire more than 30 acres with freeway visibility. The properties are well-positioned to significantly increase cash flow with the lease up of vacant space and achieve higher rental rates as near-term tenants expire,” Leggett explains.
In other Irvine Co. news, Daniel Sheridan of the Irvine Co. recentlytalked about the Southern California retail market with GlobeSt.com's Ian Ritter in preparation for the ICSC ReCon 2013 event. To read the full Q&A, click here.
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