April 29, 2020 Comments Off on New York Investor Claims Milpitas R&D Facility for $41M Views: 619 Bay Area, California News

New York Investor Claims Milpitas R&D Facility for $41M

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New York City-based Empire Square Group acquired a 102,668-square-foot R&D facility in Milpitas from a JV between affiliates of Westport Capital Partners LLC and Cannae Partners for $41.1 million. The fully-leased modernized partial two-story property is located at 1565 Barber Lane.

The facility is situated on 5.53 acres in a desirable location within Oak Creek Business Park in the northeast corner of Silicon Valley’s famed Golden Triangle. The asset was originally developed in 1980, but underwent significant improvements in 1996, 2009 and again in 2019.

Cushman & Wakefield’s Eric Fox, Steve Hermann, Adam Lasoff, Seth Siegel, and Ryan Venezia brokered the deal.

Fox says, “This was a very rare investment opportunity in Silicon Valley. The asset was 100% leased for 15+ years to a stable, credit tenant that is scheduled to provide strong cash flow for a considerable amount of time going forward. The tenant plans to utilize the facility as its Silicon Valley headquarters.”

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