Chicago-based real estate investment firm Gem Realty Capital is growing its presence throughout the United States. Most recently, the company acquired a manufacturing facility at 275 S. Hillview in Milpitas for $32.8 million, or about $257 per square foot. According to public records reviewed by The Registry, the property was sold by Analog Devices, a Massachusetts-based chipmaker.
The property is located near the junction of Interstate 680 and California State Route 237. Built in 1988, the two-story manufacturing facility totals 127,574 square feet. The property is situated on 6.4 acres of land and also offers a 35,862-square-foot clean room and access to 10 megawatts of power, according to a former listing for the property by Cushman & Wakefield.
The building was previously owned by Linear Technology Corp. However, in 2017, the property fell under the ownership of Analog Devices after the company purchased Linear Technology Corp.
In April of this year, the company put the facility up for sale, following its announcement that it planned to close the facility and lay off all the employees working there.
The move follows Analog’s recent acquisition of Maxim Integrated Products Inc. Analog is currently in the process of moving all of its Bay Area operations to Maxim’s former headquarters, which are located at 160 Rio Drive in San Jose.
The new owner of the Milpitas property, Gem Realty, is a real estate investment firm with approximately $6 billion worth of assets under management. Founded in 1994, the company has completed more than 160 real estate transactions with a total investment cost at more than $8 billion.