A joint venture between certain affiliates of Westport Capital Partners and Cannae Partners has sold a fully leased, 102,668-square-foot R&D facility in Milpitas (Silicon Valley), Calif.
The sales price was $41.1 million. The new owner is Empire Square Group, a private real estate investment firm based in New York City.
“This was a very rare investment opportunity in Silicon Valley. The asset was 100 percent leased for a 15-plus year lease term to a stable, credit tenant that is scheduled to provide strong cash flow for a considerable amount of time going forward,” said Eric Fox, executive managing director at Cushman & Wakefield, which represented both parties in the sale. “The tenant plans to utilize the facility as its Silicon Valley headquarters. The facility is mission critical to its operation, and the tenant will be investing significant capital to create a state-of-the-art R&D facility. With the seller’s own improvement contribution made pri
