(EDITOR’S NOTE: According to industry reporting, the purchase price was $46.2 million, or about $364 per square foot. The buyer was RREEF, affiliated with Deutsche Bank. The seller was Iron Mountain Information Management).
LOS ANGELES, December 19, 2019 – JLL announced today that it has closed the sale-leaseback of a 126,788-square-foot, fully leased warehouse in the Silicon Valley community of Sunnyvale, California.
JLL marketed the property on behalf of the seller, a global storage and information management services company. The buyer purchased the asset and executed a sale-leaseback with the seller through 2022.
Situated on more than seven acres at 111 Uranium Drive, the warehouse building is centrally located in an infill Silicon Valley location within walking distance to the Lawrence Caltrain Station. It is just off U.S. Highway 101 and the Lawrence Expressway 10 miles to Union Pacific Fremont Yard. Additionally, the property is approximately 5.8 miles from San Jose International Airport, 30.6 miles from San Francisco International Airport, 40.4 miles from the Port of Oakland and 34.8 miles from Oakland International Airport. 111 Uranium Drive is one of the last remaining warehouse buildings in Sunnyvale, and there has not been any new warehouse construction in Sunnyvale since 1997. The value-add building, which was constructed in 1970, features 32-foot clear heights, 27 dock-high doors with three ramps and some office finish.
The JLL Capital Markets team representing the seller was led by Senior Vice President Ryan Sitov andExecutive Managing Directors Mark Detmer and Bo Mills along with Managing Director Greg Matter and Vice President Tatiana Hodapp.
According to a recent JLL Q3 2019 Industrial Research Report, the Sunnyvale Industrial submarket has a warehouse and distribution vacancy rate of 0%, and only a 0.4% vacancy rate for manufacturing, resulting in a total submarket vacancy of 0.2%.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
Jones Lang LaSalle Americas, Inc. (“JLL”) is a real estate broker licensed with the California Department of Real Estate, license #01223413.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.