PALO ALTO, CA-C.M. Capital Corp. recently closed on the acquisition of 550 Hamilton Ave. in downtown Palo Alto, CA. While those involved in the deal could not disclose the price, unidentified sources tell GlobeSt.com that the deal was around $900 per square foot or close to $32 million.
Built in 1971, 550 Hamilton Ave. is approximately a 35,678-square-foot office building. The property is near University Avenue in downtown Palo Alto and within walking distance to Palo Alto Caltrain.
This is the third downtown Palo Alto property owned by affiliates of C.M. Capital Corp. The company also owns 525 University Ave. and 435 Tasso St.
“Buying this property is consistent with our long-term investment strategy and adds to our holdings in downtown Palo Alto,” explains C.M. Capital CEO Bruce W. Madding. “We enjoy being part of the community as we see Palo Alto grow dynamically.”
GlobeSt.com also learned from the unidentified source that the seller was Christ-Griffiths LLC, which had owned the property through various partnerships for numerous decades. In addition, GlobeSt.com learns that Colliers International just received the leasing assignment for the building.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.