REBusinessOnline

Vertical Ventures Buys Sycamore Technology Park R&D Campus in Northern California for $45.5M

501-Sycamore-Dr-Milpitas-CA

The building at 501 Sycamore Drive in Milpitas, Calif., is part of a three-building office/R&D portfolio totaling 213,519 square feet.

MILPITAS, CALIF. — Vertical Ventures has acquired Sycamore Technology Park, a three-building office/R&D campus in Milpitas, from a local Bay Area-based investor for $45.5 million. NorthMarq’s San Francisco office arranged financing for the acquisition.

Situated within Oak Creek Business Park, the portfolio includes 475, 501 and 525 Sycamore Drive. Constructed in 1983, the three buildings offer a total of 213,519 square feet, which is currently 84 percent leased to two different tenants.

Nathan Prouty of NorthMarq secured $39.9 million in senior bridge financing for the acquisition, as well as to fund capital improvements and future leasing costs for the project.

Eric Fox, Steve Hermann, Seth Siegel, Adam Lasoff and Ryan Venezia of Cushman & Wakefield represented the seller. Leasing of the project will be handled by Cushman & Wakefield’s San Jose, Calif., team of Gregory Davies, Eric Hallgrimson, Steven Horton and Kelly Yoder.

Get more news delivered to your inbox. Subscribe to France Media's e-newsletters. Click here.



Related News

Webinars on Demand


Conferences


Read the Digital Editions

Heartland Recent Issue

Northeast Recent Issue

Southeast Recent Issue

Texas Recent Issue

Western Recent Issue

Shopping Center Business

California Centers

Ancillary Retail

Student Housing Business

Seniors Housing Business

Featured Properties