SILICON VALLEY (April 9, 2012) – Metzler Real Estate, a Seattle-based real estate investment firm, has sold a 52,438-square-foot property located at 10381-10443 Bandley Drive in Cupertino, California to a private investor for $20.4 million.
Metzler acquired the property in 2007 on behalf of its sponsored fund, Metzler North America Partners, LP, which represents German and U.S. high net-worth investors. The property’s location on Bandley Drive is a well-known area of Silicon Valley that is adjacent to the Apple Inc. campus. The City of Cupertino is also home to high-tech giants Oracle, Hewlett Packard and Symantec. The property consists of two single-story office buildings.
Aggressive pricing for the property reflects strong interest from investors seeking quality, stable assets leased by AAA credit tenants in top tier markets. The property is 100 percent occupied. Metzler secured a long-term lease with Apple, which occupies 75 percent of the property. Ducati occupies the balance.
“The investment in and disposition of Bandley Drive is a great example of how Metzler delivers superior results for our clients by paying close attention to the details of the asset, the market, and our investment strategy,” said Don Wise, president and CEO of Metzler Real Estate. “As a boutique firm that is nimble and client-focused, we can maximize the value of each asset in our portfolio.”
Matthew Paddock, managing director with Metzler, managed the sale of the property. Joe Moriarty and Bob Steinbock with CBRE, were the listing brokers and Michael Kendall, also with CBRE, represented the buyer.
About Metzler Real Estate
Metzler Real Estate provides independent advice and tailored investment services to private and institutional clients investing in principal U.S. real estate markets. Our multi-discipline expertise, defined processes and clear standards ensure a disciplined, active approach to value preservation and creation. As an affiliate of the Frankfurt-based private investment bank B. Metzler seel. Sohn & Co. KGaA (est. 1674), our clients experience the benefits of stability, personalized service, and a history of proven performance. www.metzlerna.com
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