SUNNYVALE, Calif., August 5, 2021 – Montana Avenue Capital Partners, LLC (“MAC”), a real estate investment, management, and development company headquartered in Los Angeles, California, completed the acquisition of a 53,583 square foot freestanding single-story office/R&D building in Sunnyvale, California.
MAC acquired the nearly 4-acre campus located at 970 Stewart Dr., which it intends to re-brand as “Nine Seventy”, for $19.3 million ($360 per square foot) from Dellamanos and Hesslers, which had owned the property since 2005. The property is currently fully leased but expected to be vacant in the near term. The deal represents MAC’s 8th completed acquisition since December 2020.
Cushman & Wakefield’s Kalil Jenab and Steven Jenab represented both parties in the sale and were also retained by MAC to handle project leasing for the asset.
The building was originally constructed in the 1980s and the seller completed a multi-million dollar renovation during 2013-2014. The property currently features an expansive training room, board room, multiple conference rooms, and a cafeteria with direct access to a covered outdoor patio, as well as an on-site gym, EV charging stations, and grade and dock loading capabilities. MAC now plans for its own full remodel of the property as a more creative, modernized workplace. The new interior and exterior renovations at Nine Seventy will consist of an upgraded façade, new lobby entrance, and upgraded restroom cores. There will also be three newly designed wifi-enabled outdoor patio and lounge areas, tech bars for outdoor workspace, dining areas, large roll-up glass doors, and abundant green spaces and new landscaping.
Kalil Jenab, Vice Chairman, said, “This was a win-win transaction, and one which we are very excited to play a role in MAC’s foray into Silicon Valley as well on behalf of the seller which enjoyed successful long-term ownership. This asset provided a great investment opportunity of a versatile building in a low-rise environment and a desirable location in the heart of the valley. The building can also accommodate a variety of users including tech, professional and life sciences due to its clear height.”
Nine Seventy is strategically located in a dense business district close to Caltrain, Highway 101, Central Expressway and plentiful amenities and entertainment, including retail, dining, fitness, hospitality, and Levi’s Stadium. The San Jose International Airport is also nearby.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and 60 countries. In 2020, the firm had revenue of $7.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
About Montana Avenue Capital Partners, LLC
Montana Avenue Capital Partners, LLC (“MAC”) is a real estate investment, management, and development company headquartered in Los Angeles, California with a regional office in Scottsdale, Arizona. MAC manages real property investments in Arizona, California, Texas, and Massachusetts on behalf of high net worth individuals, family offices, and institutional investors, targeting attractive risk-adjusted returns. www.macpartnersllc.com.