(EDITOR’S NOTE: The sales price on the transaction was $78.5 million, according to sources with direct knowledge of the transaction. An earlier report from The Registry stated that the development cost for the project was projected to be $92 million, including a $17.3 million preferred equity investment contributed by Chicago-based Pearlmark. Roughly 45,000 square feet in the project has been leased to First Republic Bank for 10 years, which commenced in 2016.
The seller of the property was Greystone based in New York City. The listing agent on the sale was the San Francisco office of Eastdil Secured. One of the people involved in the transaction was Mark Penrod, a managing director. Neither firm responded when contacted for this story.
Blox Ventures is planning to add a 10,000 square foot neighborhood market to the property in the future.)
PALO ALTO, Calif. (July 2, 2018) Blox Ventures, LLC a Palo Alto-based investor and real estate operator, has acquired 2100 El Camino Real in Palo Alto, a newly constructed 70,000-square-foot office property occupied by First Republic Bank. The new ownership will be bringing in a new neighborhood market as a future addition to add to the existing retail and eight residential apartments.
“Our strategy is to invest in areas with proximity to innovation centers such as this, with its adjacency to Stanford University, a retail node, and Caltrain,” said Blox Ventures CEO Jason Oberman. “We look forward to bringing a neighborhood market to the property that will benefit the community – in keeping with the much-loved JJ&F Market and deli that my family frequented when growing up here in Palo Alto.”
Built to LEED Silver standards in 2017, the property is a regional hub for First Republic’s Peninsula offices. This is the third property in Palo Alto that principals from Blox Ventures have acquired – and one of the few in Palo Alto’s core that occupies a full city block. It is less than half of a mile to the nearby Caltrain station and has views in all directions.
About Blox Ventures
Blox Ventures, based in Silicon Valley, is a privately owned real estate investment firm focused on buying, renovating, and operating commercial properties. Blox Ventures’ principals have acquired and disposed of over 6 million square feet of real estate valued at over $3 billion. Blox Ventures has worked with the area’s leading technology companies on their innovation spaces and campuses. For more information, see http://www.bloxventures.com/