(EDITOR’S NOTE: According to sources familiar with the transaction, the property sold for $104 million. The buyers are entities affiliated with KKR and Drawbridge Realty.)
PALO ALTO, Calif. – Blox Ventures, LLC, a Silicon Valley-based investor and real estate operator, and global alternative investment firm Angelo Gordon announced today the sale of 2100 El Camino, College Terrace’s First Republic Center in Palo Alto. The property is anchored by First Republic’s regional office hub and most recently added Real Produce International Market, a specialty grocer, to its 11,000-square-foot retail space. The partnership worked to ensure long-term leases with its tenancy for the future success of the property and the businesses.
“Blox Ventures and our joint venture capital partner, Angelo Gordon, are pleased with the sale of this property which, under the stewardship of its new owner, a global investment company, will continue to thrive as a strong component of the neighborhood,” said Blox Ventures CEO Jason Oberman. “It has always been our goal to thoughtfully improve this asset to best serve the community and ensure the buyer shares the same commitment.”
Blox Ventures and Angelo Gordon acquired the property in July 2018 after construction was completed in 2017. Following the property acquisition, the partnership completed the lease-up, including the regional hub for First Republic in Silicon Valley, whose offices – located above the retail space – occupy 76% of the building. The partnership also leased the property to local businesses, including a boutique grocer and music group. The First Republic Center is established now as one of the few properties in Palo Alto’s retail core that occupy a full city block, benefits from its proximity to the area’s key innovation centers, is adjacent to Stanford University, and less than half of a mile to a Caltrain rail station.
The 2100 El Camino property is one of four recent properties in which Blox has invested in the prime markets of Palo Alto and Sand Hill Road.
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.
About Angelo Gordon
Angelo, Gordon & Co., L.P. (“Angelo Gordon”) is a privately held limited partnership founded in November 1988. The firm currently manages approximately $41 billion with a primary focus on credit and real estate strategies. Angelo Gordon has over 500 employees, including more than 200 investment professionals, and is headquartered in New York, with associated offices elsewhere in the U.S., Europe, and Asia.