SAN JOSE, CA – SEPTEMBER 6, 2017 – CBRE Capital Markets has arranged the sale of 250 East Caribbean Drive, a ±36,324 square-foot office building, located in the heart of Sunnyvale’s desirable Moffett Park submarket.
CBRE Capital Markets’ Northern California team including Joe Moriarty, Scott Prosser, Tyler Meyerdirk and Jack DePuy represented the institutional seller. The property was purchased by Deerfield Realty for $17,500,000.
“Office/R&D building offerings in the Moffett Park submarket of Sunnyvale are a rarity, and especially a property that is 100 percent leased for the next 8 years. Therefore, our seller was pleased to have received such terrific interest from potential buyers,” said Scott Prosser, Executive Vice President, CBRE.
This triple net leased single story office/R&D building is 100 percent leased for over 8 years to Baidu USA, China’s #1 Internet search engine. The Property has recently undergone a substantial $2.7 million renovation.
The Property, located in Sunnyvale’s Moffett park submarket, which boasts a sub five percent vacancy rate for R&D product, is home to many of Silicon Valley’s large, well-capitalized technology companies. In the last 6 years throughout Silicon Valley, nearly 300 buildings totaling 16 million square feet have been demolished and redeveloped for new office construction (2+ stories), residential and other mixed-use development. The inventory of single-story and two-story R&D product will continue to decline as developers push for higher density uses, which will intensify the competition for these buildings.
The Property benefits from nearby mass transit connections, located a short two block walk to the Borregas VTA Light Rail Station which connects the Mountain View CalTrain Station, providing access north to San Francisco and south to Gilroy. The Property’s location on East Caribbean Drive offers quick access to Highways 237 and 101, which are both less than one mile away.
The CBRE Capital Markets’ Northern California team provides investment advisory and debt and structured finance solutions for institutional investors, private capital and corporate owners/users throughout the West Coast.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.