MOUNTAIN VIEW, CA—With unrelenting interest in high-profile corporate users occupying the tech world, class-A properties continue to command buyer attention. The latest is Castro Station, a three-building office asset which has sold to TIAA-CREF for an undisclosed amount, according to Holliday Fenoglio Fowler L.P. (HFF).
HFF marketed the property on behalf of the seller, SFF Realty Fund, as advised by PSAI Realty Partners.
Castro Station, located at 100, 150 and 200 West Evelyn Ave., consists of 114,809 square feet plus a three-level, 362-space subterranean parking garage. Buildings 100 and 200 were built in 2000 and total 65,757 square feet. Building 150 is a 49,052-square-foot building completed in 2014. The fully leased property is occupied by nine tenants in the security software, social networking, cloud software and e-commerce industries, among others.
The 3.94-acre site is located at the intersection of Central Expressway and Highway 85 (Norman Y. Mineta Highway) adjacent to the Mountain View Baby Bullet Caltrain station. Castro Station's location in downtown Mountain View provides walkable access to its retail core and vehicular access to Highways 101, 82, 85 and 237. Castro Station is also within close proximity of Stanford University as well as numerous high-profile corporate users in Silicon Valley such as LinkedIn, Microsoft, Amazon, HP, Samsung and Google.
HFF's investment sales team representing the seller was led by senior managing director, Steven Golubchik, co-head of HFF's national office investment sales platform, Michael Leggett, and director BenBullock.
Golubchik tells GlobeSt.com: "Castro Station represented a generational opportunity to acquire a core-quality office asset in one of the most sought-after submarkets in the country, providing an investor-stable in-place cash flow, balanced lease rollover and potential upside from below market rents."
As previously reported, HFF recently represented the seller in the sale of Burlingame Towers, an 85-unit, eight-story apartment building.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
