October 18, 2016
Florida-based Consolidated-Tomoka Land Co. acquired a roughly 76,000-square-foot office building in Santa Clara, CA from Hopkins, MN-based CarVal Investors for $30 million. The single-story Class A asset is 100% leased to Centrify Corporation and Adesto Technologies under triple-net leases.
Built in 1978, the property underwent a complete renovation in 2014, for approximately $14 million. The current zoning of the 5.24-acre parcel at 3600 Peterson Way also allows for an additional 100,000 square feet of density.
Consolidated-Tomoka’s John P. Albright says, “We are pleased to have purchased this high quality, newly renovated property in one of the strongest markets in the country at the high end of our cap rate range.”
For comments, questions or concerns, please contact Dennis Kaiser