Two-developing Silicon Valley campus was obtained for $36. million in 2017 and marketed for $57.7 million in a two-phase execution.
1704 Automation Parkway
Soma Cash Associates and Atlas Actual Estate Companions
1710 Automation Parkway
Soma Capital Associates and Atlas Real Estate Partners
SAN FRANCISCO, Oct. 16, 2020 (World NEWSWIRE) — Soma Money Partners (“SCP”), in partnership with Atlas True Estate Companions (“Atlas”), right now introduced the sale of 1710 Automation Parkway to Exeter Home Team and completion of the enterprise system for 280,000 square feet across two properties at 1704 & 1710 Automation Parkway (the “Properties” or “Campus”) in San Jose, CA.
SCP and Atlas acquired the Campus as a result of a be aware invest in in 2017. 1704 Automation was leased within a few months of the acquisition to ON Semiconductor, and bought shortly thereafter. 1710 Automation was occupied by Western Electronic right up until December 2019, when the firm vacated the assets to consolidate operations. In 2020, SCP and Atlas done an extensive repositioning of 1710 Automation, like demolition of clean rooms, current market-prepared advancements, landscaping upgrades, and outside tenant features. API Architects and Complex Builders handled the style and design. Chip Sutherland and Sherman Chan of CBRE handled leasing for the two properties.
Jordan Caspari, Companion with SCP, commented, “Automation Parkway presented us with an fantastic prospect in 2017 to acquire at a discounted and reposition/re-lease two very well-situated properties around BART and facilities with previously mentioned-market place infrastructure in the Valley.”
Arvind Chary, Principal with Atlas, additional, “We viewed this as an opportune time to exit given the profitable sale of 1704 Automation and risk-return trade-off with the vacant lease-up. 1710 Automation is an exceptional piece of true estate, and the industrial sector is a vivid place in a hard ecosystem.”
Users of NKF who represented ownership in the off-marketplace transaction provided Steven Golubchik, Head of Funds Markets for Northern California, Edmund Najera, Vice Chairman, Darren Hollak, Associate Director, and Jack Phipps, Affiliate Director.
About Soma Money Associates
Soma Cash Companions is a privately held authentic estate expense and advisory agency dependent in San Francisco, CA, managed by Jordan Caspari and Peter Horn. SCP invests in select West Coast markets across the danger-return spectrum on behalf of its institutional capital partners and has obtained roughly 2.5 million square toes of business house due to the fact inception in 2014. For even more information and facts, check out www.soma-money.com.
About Atlas True Estate Partners
Atlas Authentic Estate Companions is a privately held serious estate investment business headquartered in New York, NY, focused on worth-add investments in multifamily, university student-housing, and business property during the United States. Atlas is led by Handling Principals, Arvind Chary and Alex Foster. Because its development in 2009, Atlas has shut around 50 acquisitions with a whole capitalization of far more than $1B. Supplemental details about Atlas can be identified at www.atlasrep.com.
Soma Cash Associates
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