The Divco-managed Page Mill Properties Fund and theRreef-managed CalSmart (CalPERS) Fund have taken out a majorityinterest previously held by Harvard Private Capital. Divco, whichretained its minority position, and Page Mill now combine for a 50%interest in the property while the CalPERS fund owns the other 50%,a source familiar with the transaction tells GlobeSt.com.

The center now holds 15 buildings including the class A HeritageBank office building on South Market Street and several low-riseconcrete structures in the center of the plaza. Major tenantsinclude BankAmerica, Heritage Bank, the County of Santa Clara CourtHouse, SNAP, and Scotts Seafood Restaurants. Occupancy was notimmediately available.

As part of the recapitalization, the new partners will undertakean estimated $10-million dollar renovation of the property.Redevelopment plans call for the demolition of four of the low-riseconcrete structures in order to open up a central plaza, and therenovation of the remaining structures, including the 15-storyHeritage Bank office building on South Market Street. Otherrenovated buildings will ultimately be used to provide additionaldining options.