SAN FRANCISCO, CA – HFF announced today that it has closed
the sale of Marriott Business Park, an office/R&D business park
totaling 427,500 square feet in Santa Clara, California.
 |
| Michael Leggett |
HFF marketed the property on behalf of the seller, a joint
venture between two global investment managers. Legacy Partners, in joint venture with AllianceBernstein U.S.
Real Estate Partners, purchased the property for an undisclosed amount.
Marriott Business
Park was the second property of a two-property portfolio listed by HFF on
behalf of the seller, containing a total of 892,500 square feet. The first property, Park Square, closed last
month in a transaction to The Irvine Company.
 |
| Steven Golubchik |
The
property is located just off Great America Parkway near Highway 101 and the
Lawrence Expressway in Santa Clara.
Situated on nearly 26 acres, Marriott Business Park includes 12, single-
and two-story buildings that are 90 percent leased.
Constructed between 1979 and 1980, the property has been
institutionally maintained and has recently undergone significant capital and
tenant improvements.
The HFF team representing the seller was led by senior
managing director Michael Leggett, managing director Steven Golubchik
and associate director John Simerlein.
 |
| John Simerlein |
“Investors were attracted to the stable in-place occupancy
with substantial upside potential from near-term rollover of currently occupied
suites, which were leased at rates significantly below-market, allowing the new
owner to capitalize on the surging office market,” commented Golubchik. “Furthermore, the property offered investors
increased site density should the new ownership seek redevelopment in the
future.”
As an investor and operator with a long-standing presence in
its core markets - Northern California, Southern California, Denver and Seattle
- Legacy Partners Commercial has been providing high-quality properties to
tenants, and solid returns to investors, for more than 40 years.
Its specific focus in the western U.S.
provides the company with economies of scale in acquisitions, development,
marketing, leasing, design, construction and management that directly benefit
its tenants and investors.
For a complete copy of the company’s new release, please
contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell:
617-543-4873 |
www.hfflp.com
