Dealmaker: Cushman & Wakefield Closes $54M in Industrial, Retail
Cushman & Wakefield, Chicago, brokered industrial and retail transactions totaling $53.6 million in California and New Jersey.
In Milpitas, Calif., the firm represented both parties in the sale of a fully leased 102,700-square-foot R&D facility. Empire Square Group, New York, acquired the two-story property from a joint venture between Westport Capital Partners LLC, Stanford, Conn., and Cannae Partners, San Francisco, for $41.1 million.
Eric Fox, Steve Hermann, Adam Lasoff, Seth Siegel and Ryan Venezia from Cushman & Wakefield’s Northern California Capital Markets brokered the transaction.
“The asset was 100 percent leased for a 15-plus year lease term to a stable credit tenant that is scheduled to provide strong cash flow for a considerable amount of time going forward,” said Fox. “The tenant plans to utilize the facility as its Silicon Valley headquarters. The facility is mission-critical to its operation and the tenant will be investing significant capital to create a state of the art R&D facility.”
Occupying 5.5 acres at 1565 Barber Lane in Oak Creek Business Park in Silicon Valley’s Golden Triangle, the location offers transit access via the VTA light rail along nearby Tasman and the new Milpitas BART station. The facility dates to 1980 and underwent significant improvements in 1996, 2009 and 2019.
In Boonton, N.J., Cushman arranged the $12.5 million sale of Dels Village Shopping Center, a 51,800-square-foot grocery-anchored retail center. Seth Pollack, Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt and Max Helfman represented seller ROI Management, Morristown, N.J., and procured the undisclosed buyer in the transaction.
Pollack said Dels Village is 97 percent leased with a weighted-average remaining lease term of nearly eight years. He said anchor tenant Kings Food Market center, which has anchored the center since 1999, renovated and expanded its footprint in 2015.
