Westport Capital Partners LLC was reported this morning as the buyer of a vacant, 400,000-square-foot office park near the Great Mall in Milpitas. The price, according to San Jose Business Journal, was $45 million.
The office park is the former headquarters of LifeScan, the maker of medical products for the diabetes market. The seller was Johnson & Johnson, which acquired LifeScan in the 1980s. The price, which was indicated in public records, works out to roughly $115 per square foot of existing building area.
Westport’s management is hoping to add new tech tenants in the area and this was the reason behind the purchase of this large campus, which includes several buildings, a park and a further development site. The Milpitas Station campus (as it is now called) is also close to a future BART station (about half a mile away), which has already brought residential construction to the area.
It was disclosed that the transaction was arranged by a CBRE team led by executive vice president Joseph Moriarty. The listing agents going forward are CBRE’s Tom Taylor, Dave Fukuda, Mike Charters and Matt Taylor. Westport has engaged StudioG as the architecture firm on the redevelopment. Engineering firm HMH is working with them on the landscaping.
Westport Capital Partners invests on behalf of several funds it manages and specializes in “value-add,” or turnaround, projects. The firm has offices in Wilton, Conn., Los Angeles and London.
News Source: San Jose Business Journal