SAN FRANCISCO, CA – HFF announced today that it has closed the sale of and arranged financing for Great America Place, three Class A office/R&D buildings in Santa Clara, California.HFF marketed the offering on behalf of the seller, DJM Capital Partners, and procured the buyer, Newcastle Partners, which purchased the property for $45.8 million.
HFF subsequently sourced equity and debt for Newcastle Partners by procuring an equity raise with Pearlmark Real Estate Partners while also securing a $32 million fixed-rate acquisition loan through Cantor Fitzgerald.Great America Place consists of three 98 percent leased properties totaling 223,842 square feet that were extensively renovated in 2008 and 2010. Major tenants include Aviat Networks, Trianz Inc. and TiE Silicon Valley.
The properties are located at 5200 Great America Parkway, 2903 Bunker Hill Lane and 2933 Bunker Hill Lane across the street from the Santa Clara Convention Center, the Network Meeting Center @ Techmart and the adjoining Hyatt Regency Hotel.
Great America Place is also within walking distance to a light rail station and close to Interstate 880, Highway 101, Routes 237, 87 and 85 as well as the San Jose International Airport.
The HFF team representing DJM Capital Partners was led by director David Karol in conjunction with senior managing directors Michael Leggett (top right photo)and Gerry Rohm (middle left photo).
The HFF debt placement team was led by senior managing director Bruce Ganong (bottom right photo).
Contacts:
David Karol, Ca. Lic. #01813372, HFF Director, (415) 276-6300, dkarol@hfflp.com
Michael Leggett, Ca. Lic. # 01056334, HFF Senior Managing Director, (415) 276-6300 mleggett@hfflp.com,
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com
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