Cushman & Wakefield Closes $16M Bay Area Office Deal
- Jan 07, 2021
Cushman & Wakefield has brokered the sale of a vacant, two-building office/R&D property totaling 24,000 square feet in Palo Alto, Calif. Vice Chairman Kalil Jenab, Managing Principal Ben Paul and Financial Analyst Steven Jenab negotiated on behalf of the buyer, Graymark Capital. Managing Director Brad Martin from Stetson Earhart assisted the seller, a private investor.
The asset changed hands for $15.7 million, according to Santa Clara County records. The buyer received a $15 million acquisition loan from ReadyCap Commercial.
Graymark will redevelop the property as part of a multi-million dollar capital improvement plan to reposition the complex to target life sciences users as well as tenants in the auto tech, food tech, robotics and artificial intelligence industries. The company selected the Cushman & Wakefield brokerage team involved in the sale to oversee leasing efforts for the repurposed property.
Located on 1 acre at 3960-3980 Fabian Way, the two single-story buildings were completed in 1959. The property was most recently occupied by a medical device company building a digital surgery platform. The site is a short distance from U.S. Route 101 and 14 miles northwest of downtown San Jose.
The property is less than 4 miles from an 85,420-square-foot building in Stanford Research Park that traded for $123 million in December. Harrison Street purchased the recently delivered asset from Stanford University.