SANTA CLARA-Regency Capital Partners (RCP) has arranged a joint-venture for the acquisition of an existing 36,000 square foot office building here on behalf of Toeniskoetter Development, Inc. Purchased from Applied Materials, the approximately 40-year-old property at 3303 Scott Blvd. is positioned for redevelopment into a three story, 75,000 square foot, class A office building with parking for 270 vehicles. The property is located approximately 1 mile from Highway 101 on the corner of Scott Boulevard and Bowers Avenue.

RCP arranged the joint venture on behalf of Toeniskoetter Development, Inc. with Washington Capital Management (WCM), an investment advisory firm based in Seattle, WA. WCM invests approximately $2.6 billion in assets in pooled or separate accounts for over 110 primarily institutional clients through their offices in Seattle, Portland, Spokane, Anchorage, Southern and Northern California. The venture is prepared to break ground on the new development for an early 2015 move-in on either a spec or build-to-suit basis and will lease out the building during the planning process.

Jonathan Soffer of RCP led the advisory team securing the joint venture on behalf of Toeniskoetter Development Inc. Brad Krouskup, president and CEO of Toeniskoetter Development, and Dan Amend, executive vice president of Toeniskoetter Development and president of Toeniskoetter Construction, led the acquisition and development team.