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SAN JOSE, CA-Montague Park, a 415,500-sf office/R&D park here that is 76% leased, recently changed hands for $115 million or $276 per sf, according to a local industry source. An entity of LaSalle Investment Management acquired the property from a joint venture of Four Corners Properties and Westbrook Partners.

Situated on 23.6 acres, Montague Park was originally developed in two phases by a joint venture of Sutter Hill and the Equitable. The first three buildings were completed in 1986 and the last two in 1989 and 1990. The buildings range in size from approximately 75,000 sf to nearly 100,000 sf. The building addresses are 2840-2880 Junction Ave.

In August 2005, Amstar Group acquired the property from Menlo Equities for $75.1 million. The property was 61% leased at the time. One year later, Amstar sold the asset to the Westbrook-Four Corners JV for $94 million; it was 62% leased.

This time around, the property is 76% leased, according to the source. The major tenants are Pillar Data Systems, Ultratech Inc. and Mediatek. Calculated using the property’s 2007 NOI, the cap rate on the transaction is approximately 5.2%, according to the source.

LaSalle Investment Management did not immediately reply to a request for information about the transaction. Westbrook Partners did not return a phone call seeking comment.

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