October 7, 2022

Large tech campus in Milpitas lands veteran consumer in $60 million offer

MILPITAS — A tech campus in Milpitas that sits atop a massive chunk of land has been purchased by a important genuine estate participant that frequently purchases properties that can be prime redevelopment internet sites.

A three-constructing tech park has been purchased for $60.5 million by an affiliate managed by Duke Realty, in accordance to files on file with the Santa Clara County Recorder’s Place of work.

Duke Realty specializes in the possession and advancement of e-commerce, industrial, logistics, and study structures and campuses.

The campus that Duke Realty purchased is known as Oak Creek Business enterprise Park in Milpitas, according to a brochure for the web site that was circulated by Cushman & Wakefield, a business genuine estate organization that has been marketing and advertising the home.

501 Sycamore Drive in Milpitas, component of Oak Creek Small business Park, a tech complicated in Silicon Valley. (Cushman & Wakefield)

Indianapolis-based mostly Duke Realty acquired the buildings through an all-income offer.

The purchase by Duke Realty details to sharply mounting business house values in that location of Silicon Valley.

The worth of the tech campus jumped 32.9% throughout the about 18 months that the seller, East Bay genuine estate organization Vertical Ventures, owned the residence.

In 2020, Walnut Creek-based mostly Vertical Ventures compensated $45.5 million for the 3 structures, this news corporation reported at the time of that buy.

Vertical Ventures undertook a revamp of at least a person of the three buildings in the course of its ownership, the brochure states.

The business enterprise park totals 215,200 square feet, in accordance to the brochure.

Cushman & Wakefield professional serious estate brokers Gregory Davies, Erik Hallgrimson, Kelly Yoder and Steve Horton organized the assets deal.

The buildings have addresses of 475, 501 and 525 Sycamore Street and are situated in close proximity to the interchange of Interstate 880 and Tasman Generate in Milpitas.

The north San Jose and Milpitas places have attracted considerable desire from actual estate investors and developers.

Duke Realty had formerly bought a internet site at 2256 Junction Ave. in north San Jose where by the real estate company has proposed a redevelopment totaling 305,800 sq. toes on a 13.7-acre web-site. That project would change an existing building that totals 141,300 square feet.

Equally, the structures that Duke Realty has just ordered in Milpitas occupy 14 acres and could be renovated or replaced.