Cassidy Turley, a leading commercial real estate services provider in the U.S., announced today.....
SAP Renews/Expands into 135,080 SF within Prestigious Stanford Research Park
October 4, 2011 – Ken Candelaria with Cassidy Turley in collaboration with Chris Joyner of Fischer & Company based in Dallas represented software giant SAP in the long-term lease renewal and expansion of two R&D sites totaling 135,080 square feet within the prestigious Stanford Research Park in Palo Alto. The two separate transactions consisted of the renewal of an entire 92,740-square-foot, three-building campus at 3475 Deer Creek Road and a 42,340-square-foot building at 3450 Hillview Avenue. Both lease transactions were 10-year agreements.
3475 Deer Creek is owned by WSJ and SAP has been a long-time tenant of the buildings since the mid 1990s. 3450 Hillview Avenue is part of a two-building site owned by Stanford Board of Trustees, which is now totally occupied by SAP with this most recent expansion into the 3450 Hillview building. Stanford acquired this two-building site in late 2003 when the vacancy in the Research Park was in the 12 percent range.
Flextronics Renews 322,699 SF Office Building in North Carolina
October 4, 2011 – Dan Hollingsworth, Steve Pace, Tom McGovern and Karen Sigl with Cassidy Turley’s offices in Northern California represented tenant Flextronics America in its lease renewal of 322,699 square feet of office space in Morrisville, North Carolina. Flextronics renewed on two buildings located at 1000 and 2000 Innovation Avenue. The landlord of the property is Duke Realty Corporation, which was represented by Jackson Rives of Cassidy Turley’s office in Raleigh, North Carolina in the transaction. Flextronics is a world-wide industry-leading, Fortune Global 500 design, manufacture, distribution and after-market services company. Its North American headquarters are based in Milpitas, CA.
Trumark Buys 65,520 SF R&D Building in Sunnyvale; Plans to Renovate, Lease and Sell
October 4, 2011 – Ken Candelaria with Cassidy Turley represented buyer Trumark Commercial in its acquisition of a 65,520-square-foot R&D building on ±3.15 acres located at 690 Arques Avenue in Sunnyvale. The property has been vacant for years and sold for an undisclosed price. Birmingham, Ala.-based Harbert Management Corp. served as Trumark’s equity partner in the acquisition. The seller was ARQ Investments, LP.
The new ownership intends to spend over $1 million on market-ready interior and exterior renovations on the two-story building that was constructed in 1980. The renovations include new open office interiors, new Class A interior finishes, enhanced window line, expanded two-story lobby and glass conference room, new entryway, and upgraded landscape. Candelaria along with Gregory M. Davies and Robert Russell of the firm’s San Jose office are currently marketing the property for lease, with an asking rate yet to be determined. The new ownership plans to offer it for lease at a competitive rate, get it leased and stabilized and then sell it to another buyer.
690 Arques offers a prime location with easy access to Highway 101 and Central Expressway. It is close proximity to the new Sunnyvale Town Center, and has access to Caltrain stations in both Sunnyvale and Mountain View via a free Caltrain shuttle.
ST Microelectronics Renews 91,008 SF R&D Building in Santa Clara
October 4, 2011 – Erik Hallgrimson, Brandon Bain, Steve Horton and Kelly Yoder with Cassidy Turley represented property owner Arden Realty L.P. in its renewal of existing tenant ST Microelectronics, Inc. on an entire 91,008-square-foot R&D building in Santa Clara. The two-story building features a distinctly tinted window line and is well located at 2525 Augustine Drive, just off Bowers Avenue with great visibility from Highway 101. The tenant’s initial lease five years ago was via Genesis Microchip, which was acquired by ST Microelectronics in 2007.
South Bay Sells 47,363 SF Building to Nanolab Technologies for $4.26 Million
October 4, 2011 – Sutton Roley, Eric Fox and Mike Baker with Cassidy Turley represented seller South Bay Development Company in its sale of a 47,363-square-foot R&D building for $4,262,670 ($90 per square foot). The building is located at 1708 McCarthy Boulevard and resides within the Oak Creek Technology Centre. Nanolab will be utilizing about half the building for its new customized laboratory. The company is relocating to its new Milpitas home from ±16,000 square feet along North First Street in neighboring North San Jose.
Legacy Shipping Renews/Expands into 47,543 SF at Oakland’s Coliseum Business Park
October 4, 2011 – Adam Peterson, Gary Fracchia and Brian Collins with Cassidy Turley represented landlord Coliseum Enterprise, LLC and tenant Legacy Shipping, Inc. in a lease of 47,543 square feet at the Coliseum Business Park in Oakland. Legacy Shipping renewed its existing 34,775 square feet of space and expanded into an additional 12,768 square feet. The multi-building property is located at 1260 57th Avenue.
Fairfield Realty Buys 3.16 Acre Site in North San Jose for $7 Million; Converting from Commercial to Residential Use
October 4, 2011 – Tenny Tsai and Danny Yu with Cassidy Turley represented the Seller in the sale of a ±3.16 acre site in North San Jose for $7,000,000 ($51 per square foot). The buyer was residential developer Fairfield Realty, LLC. The property is located at 163 Baypointe Parkway and contains a 42,138-square-foot single-story R&D building on the site. Fairfield Realty plans to demolish the existing commercial structure, built in 1985, for high-density residential redevelopment. The property is fully entitled for 183 multi-family units and sits in a Transit/Employment/Residential Overlay (55+ DU/AC) in a very popular area near the San Jose/Santa Clara border that is being targeted for residential conversion. The site is adjacent to Cisco campus, walking distance to Light Rail and provides easy access to Highway 237 and Interstate 880.
Cool Systems Flowing from Alameda to 18,298 SF Office at Sutter Square in Concord
October 4, 2011 – Marc Ward, Michael Raffetto and Chris Baker with Cassidy Turley represented tenant Cool Systems in its lease of 18,298 square feet of Class A office space at Sutter Square in Concord. The property is owned by Cranbrook, Inc. Cool Systems will be relocating from Alameda to its new space at 1800 Sutter Street later this year.
U.S. Spices Acquires 55,632 SF Warehouse/Distribution Building in Union City for $4.3 Million
October 4, 2011 – Jay Hagglund with Cassidy Turley brokered the sale of a 55,632-square-foot freestanding warehouse/distribution facility in Union City for $4,339,296 ($78 per square foot). Hagglund, along with Chet Barney of Colliers International, represented the seller, Huntleigh Faber Street, in the transaction. The buyer was Southern California-based US Spices Corporation. The property is located at 2801-2809 Faber Street, known as the Tully Wihr Building, and sits on ±3.43 acres. It provides direct frontage and visibility on Interstate 880.
Lighthouse Worldwide Solutions Buys 58,424 SF R&D Building in Fremont for $3.8 Million
October 4, 2011 – Drew Arvay, Michael Karp, Eddie Shuai and Craig Kovaleski with Cassidy Turley’s San Jose and Oakland office’s collaborated to represent both seller, a joint venture led by Piedmont Office Realty Trust, and buyer, Lighthouse Worldwide Solutions, in the sale of a 58,424-square-foot R&D building in Fremont. The property is located at 47300-47320 Kato Road and sold for $3,824,553 ($65 per square foot). Lighthouse Worldwide Solutions, the world's leading supplier of real time contamination monitoring systems and particle counters, will be renovating the building and then occupying the majority of the space. The property has two front entrances and subdivision may be considered. SBA Financing was provided by SB Capital, which evaluated and approved the transaction in record time.
Cassidy Turley Northern California provides this information based on best-available knowledge and does not warrant accuracy provided us by 3rd parties. For further verification and/or questions, please contact the brokers listed below with the particular news announcement.