(EDITOR’S NOTE: County records indicate that the sale price was $89.5 million. The transaction closed on November 30th, 2016. According to public records, Rialto Capital Management had purchased the assets in December of 2014 for $51,875,000.)
Cushman & Wakefield has advised Bayview Development Group Inc. in the recent purchase of a 144,000 SF Class A office building located at 3689 Kifer Road in Santa Clara from Rialto Capital Management. Built in 2001, the steel-framed building previously served as the global headquarters for National Semiconductor. Cushman & Wakefield Senior Vice President Gregory M. Davies and Associate Director Greg Bennette represented the buyer.
3689 Kifer Road is a uniquely modern asset, featuring a dramatic lobby, expansive glass-line, large open floor plans surrounding a grand 3-story atrium, 17 foot floor-to- floor clear height and 12 foot drop ceilings. Bayview Development Group also acquired a neighboring site that is entitled for a new 174,000 SF office building.
Bayview Development Group is a privately held real estate development and investment firm focused on creating exceptional value through high density mixed- use projects in Northern California.
The company’s investment strategy is geared towards creating long term value for both investors and the surrounding communities. Bayview Development Group is an affiliate of Beijing Damei Investment Co., a large scale mixed-use developer in Beijing, China.
This acquisition represents Beijing Damei’s and Bayview Development Group’s second cooperative transaction in the Bay Area. In June of 2015, the two companies collaborated in acquiring a 1.4 acre site in downtown San Jose. Located directly across from City Hall, the site is currently undergoing the process of entitlement for a 600+ residential unit project.
According to Bayview Development Group’s VP of Finance and Development, Ted McMahon: “We are confident in the market fundamentals of the San Francisco Bay Area and are in the process of seeking to further augment and solidify our Northern California portfolio. The purchase of 3689 Kifer Road and the adjacent development site is another step to increasing our local footprint.”
Cushman & Wakefield Senior Vice President Gregory M. Davies said, “The Cushman & Wakefield team were able to help the Buyer navigate a complex transaction and achieve their goal of a timely close. We are delighted to advise Bayview Development Group on their continuing expansion efforts here in Northern California.”
3689 Kifer Road is prominently located near the corner of Lawrence Expressway and Kifer Road, along the border of Sunnyvale and Santa Clara. The property is ideally located within close proximity to the Lawrence Caltrain Station and is surrounded by preexisting and future residential development. It is leased to a single tenant on a long term basis that utilizes the building for office & R&D purposes.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors and occupiers optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.