X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PALO ALTO, CA-Locally based California Avenue Associates LLC has sold two office buildings, both of which are occupied by a single tenant, for $29.2 million.

Matteson Real Estate Equities, a Northern California firm, has purchased the buildings in a 1031 exchange, according to Steven Seligman of Marcus and Millichap, who brokered the deal. The sale price was $29.2 million with a 9.2% capitalization rate.

The two buildings, which are located at 1117 California Ave. in Palo Alto, are located near Stanford University. The Wilson Sonsini law firm currently occupies the property, which consists of two connected buildings on a 1.74-acre parcel.

The first building is a new 32,245-sf property. The second is the original 43,630-sf building, which was built in 1956 and completely remodeled in 1998. The properties are subject to a fully prepaid ground lease with Stanford University that expires in 2054.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.