Situated on 23.6 acres, Montague Park was originally developedin two phases by a joint venture of Sutter Hill and the Equitable.The first three buildings were completed in 1986 and the last twoin 1989 and 1990. The buildings range in size from approximately75,000 sf to nearly 100,000 sf. The building addresses are2840-2880 Junction Ave.
In August2005, Amstar Group acquired the property from MenloEquities for $75.1 million. The property was 61% leased at thetime. Oneyear later, Amstar sold the asset to the Westbrook-FourCorners JV for $94 million; it was 62% leased.
This time around, the property is 76% leased, according to thesource. The major tenants are Pillar Data Systems, Ultratech Inc.and Mediatek. Calculated using the property's 2007 NOI, the caprate on the transaction is approximately 5.2%, according to thesource.
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