JOSS Realty’s $139M Silicon Valley Acquisition
- Mar 05, 2020
South Bay Development and The Carlyle Group have sold a 177,815-square-foot office building in Campbell, Calif., for $139 million, according to Yardi Matrix data. JOSS Realty Partners is the new owner of Creekside @ 17, a single-tenant, Class A property built in 2017. Australian firm Qualitas partnered with JOSS on the purchase and public records show that DBR Investments Co. Ltd. provided $83.4 million in acquisition financing. Newmark Knight Frank arranged the transaction.
Located at 275 Creekside Way, the property is at the intersection of Highway 17 and Hamilton Avenue, with immediate access to mass transit via the VTA Hamilton light rail stop. The entire five-story building is leased to cloud communications company 8×8 and will continue to serve as its headquarters for the next 11 years. Creekside @ 17 includes an eight-story parking structure, a subterranean garage, outdoor collaboration areas and a fitness center.
Despite increasing prices, the Silicon Valley area continues to attract investors from all over the world. Last month, Northridge Capital partnered with Kuwait-based Kamco Investment Co. K.S.C and paid $276 million for The Campus at Lawson Lane, an approximately 329,000-square-foot office complex in Santa Clara, Calif. Another notable recent transaction in the area is the sale of Santa Clara Towers, a two-building, 445,000-square-foot property. Shorenstein Properties sold the Class A assets to a joint venture between Oaktree Capital Management and Hines for roughly $195 million.