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SANTA CLARA, CA-Great America Plaza, a 1980s low-rise office campus here, has changed hands for $42.7 million. An entity controlled by San Francisco-based New Urban Properties sold the property to DJM Capital Partners, a San Jose-based institutional investor and fund sponsor.

Great America Plaza is a three-building, 223-799-sf development. Constructed in phases between 1982 and 1984, it sits on 9.5 acres at 5200 Great America Pkwy., opposite the Santa Clara Convention Center, Tech Mart and the Hilton Hotel. Tenants include Lucent Technologies, Ricoh, Danka and TeleCIS.

New Urban Properties, formally Sagamore Equities, acquired the asset in 2000 from Whitehall for $48 million, according to local sources. The complex was 75% leased when it was put back on the market four months ago and remains that today. New Urban principal Tom Owens could not be reached Wednesday for comment.

Jones Lang LaSalle broker Michel Seifer had the disposition assignment. Seifer told GlobeSt.com in September, when the property came to market, that with vacancy dropping and lease rates on the rise in the Silicon Valley, Great America Plaza would present the new owner with a solid value-add opportunity.

With the average in-place rents at Great America Plaza 10% to 15% below market ($1.85 per sf) and all existing leases expiring over the next two to three years, “it’s a strong re-leasing play,” he said, and also a potential redevelopment play. “Clearly there are assets along Great America Parkway that have denser coverage,” he said.

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