Thor Equities Makes First Silicon Valley Buy With $67MM Asset in Santa Clara

Thor Equities, Silicon Valley, Santa Clara, Bay Area

By Jon Peterson

New York City-based Thor Equities has made its first ever acquisition in Silicon Valley with its $67 million purchase of the 19000 Homestead Road medical office building in Cupertino, according to sources aware of the transaction.

Thor Equities declined to comment when contacted for this story.

[contextly_sidebar id=”yhoOME23X3dBXjuDG8hT5fqUwq4SYvZI”]The company has been an active investor in the overall San Francisco Bay Area for some time. Thor had been the owner of the Phelan Building at 760 Market Street in San Francisco before selling it in August for $374 million to an entity associated with Patrick Hotung, a promiment Buffalo, NY business leader. In September of this year it had bought its first asset in Oakland at 385 17th Street, an 11,000 square foot property that has a mixture of retail and office space. It had paid $2.5 million for this property.

The asset that Thor Equities bought in Cupertino is a 100,325 square foot building that is leased to Kaiser Permanente through February of 2023. It is in a strong location as it is situated across the street from the second Apple Campus project that is now under construction.

The seller of the asset on Homestead property was Vereit Inc. This company is a public real estate investment trust based in Phoenix, Ariz. The company did not return phone calls seeking comment for this story. Public record state that the seller had acquired the property in 2013 for $62.5 million.

It’s not clear how the property in Cupertino fits in with Thor Equities overall investment strategy. Most of the company’s acquisitions involve value-add urban prime property real estate, as stated by sources familiar with the company’s overall acquisition plans. Most of its investments include office and retail assets or mixed-use assets involving those two property types.

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