Prudential Buys General Dynamics Building in Santa Clara from Investor
Silicon Valley Business Journal:
A year after buying a 358,000-square-foot R&D building in Santa Clara, Kinship Capital and Pearlmark Real Estate Partners have sold the 16-acre property to Prudential Real Estate Investors.
The price was not disclosed. The seller paid about $67 million, or $187 per square foot, for the asset in December of 2013. Pricing has only increased since then, and it’s likely the seller made a decent profit in the sale.
“We are very pleased with the outcome of this investment and are eager to acquire more projects in the Silicon Valley region, with ample equity capital available to invest in 2015 and beyond,” said Nick Thomson, principal of Kinship Capital, in a statement.
The property at 2305 Mission College Blvd. is fully leased to General Dynamics, and across the street from Intel’s world headquarters. On the other side of the San Tomas Aquino Creek is the Great America Boulevard corridor, which has seen new development and investment activity as Levi’s Stadium catalyzes new projects.
Prudential did not immediately return a message left with the company’s communications officer. The investor has been busy in the last year, however, and is apparently a big believer in this part of Santa Clara. PREI picked up Mission Tower I and II in April, which are at nearby Freedom Circle.
The project was marketed by Jeff Arrillaga and Phil Mahoney of Newmark Cornish & Carey. Thomson and Ethan Meers of Kinship Capital, Tim McChesney of Pearlmark, and Tim Hennessey of Prudential were also involved.