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September 16, 2005 -- Santa Clara, Calif.
CPS Administers Sale of Large Equity Office Properties' Portfolio in Santa Clara and Sunnyvale
CPS/Corfac International's Chief Executive Officer Sutton Roley announced the sale of a 301,593-sqaure-foot office/R&D portfolio in Santa Clara and Sunnyvale on behalf of client Equity Office Properties. Four Corners Properties LLC, based in Burlingame and headed by Bruce Burkard, acquired the ten buildings from the Chicago-based property REIT for and undisclosed price.
Greg Davies , Eric Fox and Joe Moriarty of CPS managed the sale for EOP. Also participating in the listing from CPS were Jeff Houston, Kalil Jenab and Amanda Davies-Smoot.
The buildings are approximately 50 percent occupied and include Broadcom, DPSS Lasers and Arcadyan as tenants.
"Because the buildings are small and mid-size facilities, there is appeal for owner-users as well as companies looking to lease good space in the 20,000-square-foot range, which is a common deal size," said Greg Davies. "Four Corners Properties should do well with these assets," he added.
It's been a torrid year for commercial property sales in Santa Clara County. According to CPS market research, nearly $1.7 billion of offices and R&D facilities in the county have sold through August 12 this year. A total of 7,410,105 square feet of R&D and offices have traded hands for $1.695 billion. The average price per square foot was $228 while the median price on a per square-foot basis was $144, according to CPS.
EOP Portfolio Sale to Four Corners Properties.
Sold Properties
| Property |
City |
Size |
| 1249 Innsbruck |
Sunnyvale |
22,400
|
| 1362 Borregas |
Sunnyvale |
39,897 |
| 2875 Northwestern
|
Santa Clara |
17,847
|
| 2895 Northwestern |
Santa Clara |
24,080 |
| 2701 Northwestern |
Santa Clara |
22,080 |
| 2525 Walsh
|
Santa Clara |
19,824 |
| 3260 Scott |
Santa Clara |
20,000 |
| 2300 Owen
|
Santa Clara |
46,640 |
| 3001 Stender |
Santa Clara |
61,825 |
| 3045 Stender |
Santa Clara |
27,000
|
About CPS
CPS provides brokerage services to property owners and companies with space requirements, in office, R&D, warehouse and land dispositions and acquisitions. With just seven percent of the commercial real estate brokers in Silicon Valley, each year the company is involved in approximately 20 percent of all the commercial property transactions. In 2004, the company had eight of the top 25 commercial agents in Silicon Valley, according to the trade group Association of Silicon Valley Brokers. The company was recognized as one of the 100 Best Places to Work in 2004, based on surveys of employees and sponsored by the San Francisco Business Times, Silicon Valley/San Jose Business Journal, East Bay Business Times and Deloitte. CPS is a member of Corporate Facilities Advisors -- CORFAC International, an organization of leading, privately-held entrepreneurial commercial real estate firms serving 140 major markets and internationally through its King Sturge CORFAC International alliance. CORFAC was founded in 1989 and is based in Arlington, VA.
Press Contact:
Gary Marsh, (415) 453-7045
gary@marshmarketing.com
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