SAN FRANCISCO-A joint venture that includes San Francisco-based Pacific Coast Capital Properties, New York-based Blackstone Real Estate Advisors and San Jose-based Orchard Investors LLC is paying $108 million to acquire has acquired two office/R&D business parks in North San Jose totaling more than 500,000-sf.

The properties, known as Projects 702 and 703, are 249,000-sf and 258,000-sf, respectively, and include 10 buildings that are 100% leased to a total of 15 electronics and technology companies, including Seagate, Minolta, Silicon Valley Group and New Focus. The properties were developed in the early 1980s by Orchard Properties, which developed more than 4.5 million-sf along the North First Street corridor. For Pacific Coast Capital Properties, this acquisition is the first joint venture with Blackstone Real Estate Advisors and the second joint venture with Orchard Investors.

Pacific Coast Capital Properties, a private investment firm that provides real estate capital, has acquired 12 properties this year, says Aaron Giovara, a partner with Pacific Coast Capital Properties. Some of the joint venture purchases include Scripps Ranch Business Park, a 310,000-sf R&D property in San Diego that it purchased for $41 million with Newport National; 160 King St., 173,000-sf Class A office space it purchased for $59 million with Rosenburg Hood Ventures and Orchard Evergreen Technology Center; and a 122-acres parcel of land in San Jose that was acquired in a partnership with Orchard Properties LLC for development as business park.

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