MILPITAS, CALIF. — A joint venture between affiliates of Westport Capital Partners and Cannae Partners has completed the disposition of a research and development (R&D) property located at 1565 Barber Lane in Milpitas. New York City-based Empire Square Group acquired the asset for $41.1 million.
Situated on 5.5 acres within Oak Creek Business Park, the property features 102,668 square feet of modernized R&D space. Originally developed in 1980, the facility underwent significant improvements in 1996, 2009 and 2019. At the time of sale, the two-story property was fully leased.
Eric Fox, Steve Hermann, Adam Lasoff, Seth Siegel and Ryan Venezia of Cushman & Wakefield’s Northern California Capital Markets group represented both parties in the transaction.