Private Investor Snags 52,438-SF Office Property for $20M

SALES

SILICON VALLEY, CA-Metzler Real Estate, a Seattle-based real estate investment firm, has sold a 52,438-square-foot property located at 10381-10443 Bandley Dr. in Cupertino, CA to a private investor for $20.4 million. Metzler acquired the property in 2007 on behalf of its sponsored fund, Metzler North America Partners LP, which represents German and US high net-worth investors. The property’s location on Bandley Drive is a well-known area of Silicon Valley that is adjacent to the Apple Inc. campus. The City of Cupertino is also home to high-tech giants Oracle, Hewlett Packard and Symantec. The property consists of two single-story office buildings. Aggressive pricing for the property reflects strong interest from investors seeking quality, stable assets leased by AAA credit tenants in top tier markets. The property is 100% occupied. Metzler secured a long-term lease with Apple, which occupies 75% of the property. Ducati occupies the balance. Matthew Paddock, managing director with Metzler, managed the sale of the property. Joe Moriarty and Bob Steinbock with CBRE, were the listing brokers and Michael Kendall, also with CBRE, represented the buyer.