March 18, 2020
Swift Real Estate Partners has acquired Hellyer Oaks Technology Park, two interconnected office/R&D buildings located at 5215 and 5225 Hellyer Ave. in San Jose, CA. The seller was Walnut Creek, CA-based Vertical Ventures.
The property was constructed in 1984 and renovated in 2017, with $5.4 million in additional improvements invested since that time. The two buildings total 347,000 square feet, and traded 85 percent leased to a diverse tenant roster.
CBRE’s investment sales specialists Scott Prosser, Joseph Moriarty, Jack DePuy and Russell Ingrum represented Vertical Ventures in the sale.
A CBRE Capital Markets team including Mike Walker, Brad Zampa, Megan Woodring and Taylor Shepard, represented Swift as finance advisor, arranging a $45.3 million, six-year, non-recourse loan at a competitive spread priced over 30-day LIBOR. The balance sheet loan was provided by an east-coast-based bank and will finance the acquisition, including additional proceeds for future capex and tenant improvements.
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