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SUNNYVALE, CA-A Burlingame-based property management company has acquired an R&D/office complex in Sunnyvale in one of Silicon Valley’s few leased investment property sales seen this year. The 129,512-sf complex was built in 1970 and is located at 1095 East Duane Avenue. The property is 99% occupied with multiple tenants.

Dollinger Properties purchased the five-building R&D/office complex from Pacific Gulf Properties, a real estate investment trust based in Newport Beach, CA. Commercial Property Services agents Steve Pace and Scott Athearn brokered the sale for approximately $21 million. CPM represented both sides in the deal.

.Steve Pace of CPM says that the property was a quick sales mainly because of its excellent location, which is right off Lawrence Expressway and near Highway 101. Pace adds that the property’s repositioning potential will be great once the new owners modernize the buildings.

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