Mesa West Provides Financing for the Acquisition and Repositioning of 215 Moffett Park in CA’s Silicon Valley
Los Angeles, CA – Mesa West Capital has provided a joint venture between Rockwood Capital and Four Corners Properties with a first mortgage loan for the acquisition and repositioning of 215 Moffett Park Drive in the Moffett Park submarket of Sunnyvale, CA.
The seller, semiconductor company AppliedMicro, will continue to occupy a portion of the approximately 155,000-square-foot office/R&D building under a short-term lease back.
According to Principal Ronnie Gul, who originated the loan for the Los Angeles-based portfolio lender, a portion of Mesa West’s loan proceeds will be used for a significant renovation to the property, including an expanded window line, façade improvements and entry and common areas upgrades as the sponsor repositions the asset as a Class A office/R&D property.
“215 Moffett Park Drive offers technology tenants large and efficient floor plates with freeway visibility in a submarket that has seen significant demand from blue-chip companies including Juniper Networks, Microsoft, Amazon and Google,” said Gul. “The vacancy rate in Moffett Park has dropped considerably given this demand and as older office/R&D parks in the submarket have been slated for redevelopment as class-A office.”
This is Mesa West’s second financing in Moffett Park in the last 12 months. Mesa West provided financing to Dostart Development Company for their acquisition and repositioning of 222 Caspian Drive.
About Mesa West Capital, LLC
Los Angeles-based Mesa West Capital (www.mesawestcapital.com) is a privately held portfolio lender with a current capital base of approximately $3.5 billion. Mesa West has an established debt platform that continues to provide flexible and reliable capital for real estate acquisitions, re-financings and re-capitalizations on office, retail, industrial, multifamily and hotels in the United States.