Empire Square Pays $41M for Silicon Valley Facility
- Apr 30, 2020
Empire Square Group has acquired 1565 Barber Lane, a fully leased, 102,668-square-foot R&D facility in Milpitas, Calif. A joint venture between affiliates of Westport Capital Partners and Cannae Partners sold the Silicon Valley asset for $41.1 million. Cushman & Wakefield represented both parties in the deal. According to Yardi Matrix data, the partnership acquired the Class B property in 2016, in a $78 million portfolio transaction.
Developed in 1980 within the 466,000-square-foot Oak Creek Business Park, the two-story building underwent substantial renovations in 1996, 2009 and 2019. Yardi Matrix data shows the facility features 80,000-square-foot floor plates and a parking ratio of 3.4 spaces per 1,000 square feet.
Located in the northeast corner of Silicon Valley’s Golden Triangle, the 5.5-acre property is some 6 miles north of downtown San Jose, adjacent to Interstate 880. The facility is also accessible via public transportation, having several bus and light rail stations within walking distance.
Cushman & Wakefield’s Eric Fox, Steve Hermann, Adam Lasoff, Seth Siegel and Ryan Venezia, with the firm’s Northern California Capital Markets group, arranged the transaction. The brokerage team recently assisted Swift Real Estate Partners in the disposition of an 87,000-square-foot office asset in Sacramento, Calif.