San Francisco, CA – March 09, 2012 – DivcoWest announced today that it has acquired the Caribbean Corporate Center, a portfolio of four, 100% leased office/R&D buildings in Sunnyvale, CA. The 261,059 square foot, institutional-grade office complex is located at 1310–1327 Chesapeake Terrace in Silicon Valley’s Moffett Park submarket.
Caribbean was marketed for sale by Eastdil Secured on behalf of the seller, LaSalle Investment Management. Terms of the transaction were not disclosed.
Major tenants in Caribbean include Accuray Incorporated (NASDAQ: ARAY) and Cepheid (NASDAQ: CPHD). Accuray’s major businesses include the CyberKnife system, which uses high-dose radiation mostly to treat brain tumors, and TomoTherapy, a system that allows doctors to change the intensity of the radiation beam to adapt to the shape, location, and size of a tumor. Cepheid is a molecular diagnostics firm that develops and manufactures systems that automate the process of preparing and amplifying DNA in order to quickly detect diseases and harmful agents, including the diagnosis of infectious diseases and cancer.
Caribbean Corporate Center, built in 1989 and updated through a substantial tenant improvement program completed in phases between 2008 and 2010, enjoys modern architecture throughout its campus along with extensive landscaping and water features.
According to Sam Hamilton, Managing Director at DivcoWest who oversaw the acquisition process on this asset, Silicon Valley remains a strong target market for the firm. “DivcoWest has established a solid track record in the Bay Area, especially through our investment, ownership and management of technology-intensive office and R&D investment properties,” said Hamilton. “We believe that Caribbean Corporate Center fits nicely in to our overall Northern California portfolio, and provides a strategic addition to our Silicon Valley portfolio,” he said.
In recent months, DivcoWest has completed four other acquisitions in California including three properties in the San Francisco Bay Area. Among the assets acquired were the Howard / Hawthorne and 1275 Market Street in San Francisco, the Walsh @ Bowers portfolio in Santa Clara and the Genesee Executive Plaza in San Diego.
Founded more than 18 years ago in Northern California, DivcoWest is one of the nation’s leading fully integrated real estate investment and management firms. DivcoWest has acquired more square feet of high-level commercial space in locations throughout the US. The company has offices in San Francisco and Boston. www.divcowest.com
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