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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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.
