(EDITOR’S NOTE: According to public records, the sale closed for $11.5 million, or $425 per square foot if considering just the office component of the property.)
SAN FRANCISCO, CA. April 22, 2016 — Regency Capital Partners (RCP) announced today the closing of the acquisition financing for 270 E. Caribbean Drive in Sunnyvale, CA. Located in the sub-market of Moffett Park, the 21,179 square foot office building is the headquarters of Iron Construction, Inc. Renovated in 2013, the building features an open floor plan with 28′ foot high ceilings and abundant natural light. A spacious new mezzanine loft wraps around three sides of the interior, connecting via a bridge to a large central collaboration deck overlooking the area below. These and other improvements earned the Property a Gold LEED rating.
270 E. Caribbean is located in the dynamic and desirable Sunnyvale market, one of the most prestigious and resilient office markets in the United States with extremely low transaction volume, limited inventory and one of the highest concentrations of tenant demand in California. Sunnyvale is the home of prominent high-tech tenants such as Google, Apple, Yahoo!, NetApp, Intuitive Surgical and Juniper Networks.
Jonathan Soffer of RCP led the advisory team, securing $6.5 million financing on behalf of Walnut Hill Group, a real estate investment company with holdings in target markets throughout the United States.
About Walnut Hill Group
Founded in San Francisco, Walnut Hill Group focuses on target markets including San Francisco, New York, Washington DC, Boston, and Los Angeles. These markets provide stronger real estate and market fundamentals that allow Walnut Hill Group to build a diverse real estate portfolio more resilient to market volatility. The management of Walnut Hill Group has an established history of acquiring and operating a variety of asset types including hotel, office, retail and multi-family properties and debt securities. Combining this history with the diverse backgrounds of its principals, Walnut Hill Group applies a disciplined approach to investing, owning and operating a real estate portfolio. Additional information on Walnut Hill Group is available on the Company’s website at www.walnuthillgroup.com.
About Regency Capital Partners
Regency Capital Partners (RCP) is one of the premier real estate capital advisory firms specializing in arranging debt and equity for a wide spectrum of clients, from regional investors and developers to some of the largest public and private real estate companies throughout the country. The firm is recognized in the industry for its integrity, creativity and determined advocacy on behalf of its clients. RCP’s unparalleled commitment to the implementation of its clients financing objectives distinguishes it within the financing industry. During their tenure, the principals of Regency Capital Partners have closed over $5 billion of debt and equity transactions throughout the United States. Additional information on Regency Capital Partners is available on the Company’s website at www.regencycapitalpartners.com.