A fund managed by DRA Advisors has sold a seven-building R&D/flex portfolio totaling 585,478 square feet located in Fremont, Calif.; Milpitas, Calif.; and San Jose. The financial terms were not disclosed.
“This was a great opportunity for a fund managed by DRA Advisors to sell seven buildings in one transaction and for Peninsula Land and Capital to acquire a highly desirable R&D/flex portfolio in Silicon Valley,” said Scott Prosser of CBRE Capital Markets, which represented the seller.
At the time of the sale, the portfolio was 94 percent leased to seven tenants with a weighted average lease term of approximately 7.6 years. The portfolio boasts an established tenant roster, including Hummingbird Energy Storage, Enovix Corp., Nanosys, Optovue, BriteLab and Applied Engineering, and is anchored by BAE Systems, which occupies more than 160,000 square feet.
Silicon Valley’s R&D market is one of the most supply-constrained markets in the nation. The
