Peter Pau, who heads Sand Hill, says that the property was not on the market but Newmark principal Eric Von Berg brought the offer to Sand Hill. Fred Thoits led the acquisition team for Hatco.
The De Anza Boulevard building is one of a number of properties either owned or leased by Apple Inc. in the Cupertino area. Apple, which is based in Cupertino, owns and leases approximately 19.7 million square feet of space, primarily in the US, and also maintains facilities in Europe and Japan.
The office acquisition by Hatco is one of a number of investment deals in Northern California lately, including a multifamily transaction involving Southern California-based firm Kennedy Wilson . Kennedy Wilson said recently that it acquired a large apartment community in Northern California, where it bought a 100% equity interest and assumed the existing financing on the property, which it did not name.
Beverly Hills-based Kennedy Wilson was asset and construction manager for the property, which totals more than 600 units. The complex was fully renovated in 2008 and is 95% leased, according to Robert Hart, president and CEO of Kennedy Wilson Multifamily.
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