Sand Hill Sells Saratoga Asset for $45MM

Saratoga Menlo Park Sand Hill Property Company Natixis Palo Alto Peninsula Land & Capital Silicon Valley commercial real estate

Saratoga Menlo Park Sand Hill Property Company Natixis Palo Alto Peninsula Land & Capital Silicon Valley commercial real estate

[contextly_sidebar id=”2uZTWk2uMd3uKIFIz0wq6TR9e7vpXS6e”]A Saratoga office complex of approximately 90,000 square feet sold in a transaction worth $45 million, or roughly $500 per square foot. The seller was Menlo Park-based Sand Hill Property Company, which had owned it in partnership with Natixis S.A., a publicly traded French asset management company, according to public records. The buyer was Palo Alto-based Peninsula Land & Capital, which has the location listed on its Web site as “Acquired November 2016.” The site also states that space is available at the location.

According to public documents, Sand Hill engaged with Natixis in July of 2013 at this location. This was one of several engagements that the New York branch of the French investor conducted with Peter Pau’s Sand Hill Property Company at that time. Also in July of 2013, Natixis agreed to lend two limited liability companies controlled by Sand Hill $25.5 million, according to property records on file with the Santa Clara County Clerk Recorder. The money, along with $12 million in equity from Sand Hill, was going to help convert a Menlo Park retirement community just east of El Camino Real into a 138-room Marriott Residence Inn. The property is designed for extended-stay travelers with suites, kitchens and separate sleeping and work areas.

Natixis was one of multiple lenders that competed for the hotel business at the time.