By Jon Peterson
Philadelphia-based Equus Capital Partners has put on the market for sale the 80,878 square foot 3003 Bunker Hill Lane property in Santa Clara, as stated by sources familiar with the property. There is no indication at this time what level of pricing the property might attract.
The seller did not respond to phone calls and emails seeking comment for this story. Equus has owned the property since June of 2015. The investment firm had paid $34.2 million to acquire the property at that time, as stated by public records.[contextly_sidebar id=”V1OLJFUnQHIzHXm0ZNIa1mTDzo6iBesa”]The listing agent on the sale is the San Francisco office of Newmark Grubb Knight Frank. The sale of the property is being run through the NGKF Capital Markets group. A person involved in the transaction is Steven Golubchik, a vice chairman with the company. He did not respond to phone calls seeking comment for this story.
The property is now 100 percent leased. It serves as a critical location for Cisco System, housing their explosive cloud-based platform for the Internet of Things technology sector. The tenant does have annual rent escalations of 3 percent. The lease runs through the end of August 2022.
The new owner for the property is unlikely to have to put any additional capital into the property going forward. Over the past several years there has been over $8 million worth of improvements made to the property. The upgrades have been a mix of improvements on the inside and outside of the property.
The inside of the property is now more modern. Some of the renovations include a glass balcony, wood planking, LED pendant lighting, glass skylight and a 32’ sliding-door system. The work outside included landscaping, upgraded outdoor patio, new monument signage and a new roof with a 20-year transferable warranty.
Equus Capital only owns three other properties in the San Francisco Bay Area, according to its Web site. The company’s most recent addition to the region was its $31.55 acquisition of the 106,0000 square feet Walsh Bowers office/R&D property in Santa Clara. This property was acquired in February for the company’s commingled fund, the $361 million Equus Investment Partnership X.
The real estate investor’s other assets in the Bay Area are assets in San Jose and Fremont. The San Jose property is the 600,437 square foot office/retail project called CityView Plaza. The asset in Fremont is the 215,733 square foot Fremont Research Park. This is an industrial/R&D property.
Equus Capital is known as a national real estate investor. It buys and owns a diversified portfolio of office, industrial, retail and apartments.