MILPITAS — A tech campus in Milpitas that sits atop a massive chunk of land has been bought by a important genuine estate participant that frequently buys properties that can be primary redevelopment web sites.
A a few-setting up tech park has been acquired for $60.5 million by an affiliate managed by Duke Realty, in accordance to paperwork on file with the Santa Clara County Recorder’s Office environment.
Duke Realty specializes in the possession and growth of e-commerce, industrial, logistics, and exploration properties and campuses.
The campus that Duke Realty bought is acknowledged as Oak Creek Business enterprise Park in Milpitas, according to a brochure for the web site that was circulated by Cushman & Wakefield, a business true estate agency that has been promoting the house.
Indianapolis-based mostly Duke Realty purchased the buildings by way of an all-dollars offer.
The acquire by Duke Realty details to sharply increasing industrial property values in that location of Silicon Valley.
The value of the tech campus jumped 32.9% in the course of the approximately 18 months that the vendor, East Bay real estate firm Vertical Ventures, owned the home.
In 2020, Walnut Creek-primarily based Vertical Ventures paid $45.5 million for the three structures, this information group claimed at the time of that invest in.
Vertical Ventures undertook a revamp of at minimum a person of the three properties during its ownership, the brochure states.
The company park totals 215,200 square toes, according to the brochure.
Cushman & Wakefield business serious estate brokers Gregory Davies, Erik Hallgrimson, Kelly Yoder and Steve Horton organized the house offer.
The properties have addresses of 475, 501 and 525 Sycamore Road and are found around the interchange of Interstate 880 and Tasman Drive in Milpitas.
The north San Jose and Milpitas places have captivated considerable interest from true estate buyers and developers.
Duke Realty had earlier bought a web page at 2256 Junction Ave. in north San Jose where the authentic estate firm has proposed a redevelopment totaling 305,800 square ft on a 13.7-acre internet site. That challenge would swap an present developing that totals 141,300 square ft.
In the same way, the buildings that Duke Realty has just acquired in Milpitas occupy 14 acres and could be renovated or changed.