By Jon Peterson
New York City-based Angelo Gordon & Co. has placed on the market for sale the Hamilton Plaza office asset in Campbell, Calif. The potential sales price on the 354,478 square-foot property could be in the area of $185 million, or just under $522 per square foot, according to multiple sources familiar with the sale of the property.
Angelo Gordon declined to comment when contacted for this story. The real estate investment firm has awarded the listing on the sale to Eastdil Secured.
The current owner has had the property in its portfolio for the last four years. It had paid $137 million for the asset in 2016, according to public documents. Foster City-based SteelWave was the seller of the property at that time.
Hamilton Plaza is a two-building, 6-story, Class A office property, located in the West Valley area at 900-910 East Hamilton Avenue. The property is surrounded by retail amenities, restaurants and financial services. Capital upgrades were made to the main entrances, lobbies, elevators and restrooms just prior to the last acquisition. The property also features an extensively-landscaped courtyard with seating areas and fountains.
Hamilton Plaza is also close to a VTA stop, which gives it a mass transportation option for employees. The property is also near a shopping center anchored by a Whole Foods.
The current occupancy of the property is approximately 80 percent.
The new owner could have a chance to increase the income produced at the property. One part of this could come from leasing up some of the vacant space in the property. Another move could be to renew some of the existing leases to higher rents once they expire. The weighted average remaining lease term is three years.