Property at 3003 Bunker Hill Lane is second South Bay acquisition by TMG and Alcion this week
SANTA CLARA, Calif. (Dec. 13, 2012) – TMG Partners, one of the San Francisco Bay Area’s largest mixed-use property developers, with real estate investor Alcion Ventures LP, announced the acquisition of a two-story, 80,878-squarefoot office building at 3003 Bunker Hill Lane in Santa Clara, Calif. A partnership of local investors sold the property for an undisclosed sum.
This is TMG Partners’ and Alcion’s second acquisition in the South Bay this week. On Dec. 11, they purchased 2851 Junction Avenue, a 153,000-square-foot Class A office building in North San Jose.
“The acquisition will allow TMG the opportunity to reposition an older multi-tenant office property into a state-of the-art corporate headquarters in Santa Clara, now one of the best cities for business in the South Bay,” said David Cropper, managing director of TMG Partners. “Our improvements will transform the property into a large tenant suite with all new finishes commensurate with the very best buildings in the market. We are confident that this project will be very attractive to growing technology companies in the area.”
Located in the heart of Santa Clara near both the new San Francisco 49ers stadium and the Santa Clara Convention Center, the two-story office building was built in 1979. While some capital expenditures have been made over the years, TMG will immediately embark on a substantial renovation of the project to include a new lobby, renovated common areas, restrooms and mechanical systems, as well outdoor seating areas and upgraded sustainable landscaping.
Jeff Ramirez and Kyle Nelson of Cornish & Carey, Newmark Knight Frank represented the seller. The buyers represented themselves.
About TMG Partners
TMG Partners, founded in 1984 and headquartered in San Francisco, is a full-service real estate development and management company. TMG has developed more than 20 million square feet of property throughout the San Francisco Bay Area, including Emeryville, Marin City, Novato, Palo Alto, San Bruno, San Jose and San Francisco. One of the most active developers in this area in the last decade, the company has developed a variety of office, retail, residential and industrial properties, ranging from office campus and multi-story properties in urban, infill locations to mixed-use retail and single-story suburban buildings. For detailed information, visit www.tmgpartners.com.
About Alcion Ventures LP
Headquartered in Boston, Alcion Ventures is an entrepreneurial real estate private equity firm that executes a high-yield investment strategy with uniquely positioned real estate in select North American markets. For more information, visit www.alcionventures.com.