Trumark Commercial Sells ~40K Square Feet in Sunnyvale
Trumark Purchased and Renovated the Property, Which is Fully Leased, in 2007
SUNNYVALE, Calif. – May 30, 2012 – Trumark Commercial has sold a 39,311-square foot office building in Silicon Valley, the company announced today.The single-story building, which sits on 2.58 acres at 674-678 W. Maude Ave. in a prime location within the desirable Peery Park area of Sunnyvale, was sold for an undisclosed price to a joint venture of Graymark Capital and Ascent Real Estate Advisors.
Trumark purchased the building in early 2007 from Limar Realty Group for $4 million and initiated a $1 million renovation that included exterior paint, repairs to the parking lot, a new monument sign and renovation of the existing landscape. The interior of the building was gutted. Walls, offices and hallways were replaced, new conference rooms were added and restrooms were upgraded. The project was finished with new paint, ceilings, lighting, heating, ventilation, air conditioning and fire alarm systems.
“We saw the opportunity to transform a building that had been neglected. It had been empty for quite a while and needed an investment of capital to create a dynamic, marketable space,” said Gregg Nelson, a principal and co-founder of Danville, Calif.-based Trumark Commercial.
Soon after the fourth-month renovation was completed, half the building was leased to Electric Cloud, which specializes in automation solutions. The remainder of the building is leased to Aliph Inc., which develops noise-eliminating Bluetooth headsets as well as other mobile communications audio devices.
“The Maude property is an example of one of our primary focuses: taking an underperforming property and adding value by creating a new environment that is attractive to tenants and investors,” said Nelson.
The transaction was brokered by Andy Zighelboim and Dave Sandlin of Colliers International San Jose.
About The Trumark Group of Companies
The Trumark Group of Companies is a diversified real estate developer and builder with expertise in land acquisition, homebuilding, community design, entitlements and office, R&D and retail development that was founded in 1997 in Danville, Calif.
Trumark Companies is the residential development arm of the organization and has completed over $600 million in transactions since 2000, representing approximately 2,500 lots in Northern and Southern California.
Trumark Commercial, which builds, leases and sells commercial buildings, has entitled or developed approximately two million square feet of office, R&D, retail and hotel properties in the northern portion of the Golden State.
Trumark Homes is a new generation homebuilder that is nimble, focused and unburdened by broken projects of the past. Since May of 2009, Trumark has raised more than $95 million of equity and closed nine deals. Its pipeline exceeds 1,800 lots in core urban areas of California, representing more than $900 million in future revenue.
Additional information is available at www.trumark-co.com