June 13, 2016
Los Angeles-based Kilroy Realty Corp. acquired 1290 Terra Bella Ave., a 113,000-square-foot R&D building in Mountain View, CA from Belmont, CA-based Embarcadero Capital Partners, for reportedly more than $50 million. The 7.5-acre property is 100% leased to Elementum, Lytro and Clontech.
The facility was built in 1962 along Highway 101 at Shoreline Blvd., one of the highest-trafficked roads in the region. Google Inc. has a strong presence on the other side of the freeway in North Bayshore, and its expansion has also extended to the south side.
The acquisition is in line with the REIT’s previous strategy of redeveloping older sites for high-tech campuses. The Terra Bella site is likely being eyed for its longer term redevelopment potential.
JLL’s Bay Area capital markets team, which includes Michael Seifer, Robert Hielscher, Erik Doyle and Will Connors, marketed the property.