Mountain View office building trades for $17.7M
Silicon Valley Business Journal, 1/17/2013
Only a couple years after picking up a four-story Mountain View office building for $9.5 million, Seagate Properties Inc. has sold the property for $17.75 million.
Peninsula Land & Capital picked up 2465 Latham St., a 42,622 square foot office building, in a deal that closed Dec. 27, according to a news release. The 1989-built structure is 66 percent leased with tenants including Guardian Analytics, LyLife.com and Infor Systems.
In a news release, Seagate Properties principal Wick Polite said the company made substantial capital investments to completely modernize the structure and make it more attractive to tech and other tenants. Seagate also pumped money into building envelope repairs, new exterior paint, a remodeled lobby, new landscaping, parking lot renovation, HVAC, common area/elevator upgrades, and ADA improvements. The company purchased the building, located next to the recently demolished San Antonio Shopping Center, from original developer/owner JD Molex One LLC in 2010.
Lawrence Blickman of Cassidy Turley represented Seagate Properties. Dan Persyn, also of Cassidy Turley, represented Peninsula Land & Capital.
Seagate Properties, based in San Rafael, is a full-service real estate investment and operating company that specializes in institutional and private direct equity investment in office, industrial, multifamily and mixed-use retail projects.
Peninsula Land & Capital is a private equity real estate firm specializing in acquisition and disposition of commercial real estate on the Peninsula and South Bay. The company has properties in Palo Alto, Mountain View, Sunnyvale, Santa Clara and San Jose.