Silicon Valley office campus sells for $291m
Tristar Capital has paid $290.7 million to purchase Crossroads III, an office property in Sunnyvale, Calif., from Rockwood Capital.
The 349,758-square-foot property is located on the northwestern side of Sunnyvale in the heart of Silicon Valley. It comprises three freestanding office buildings of three stories each, which are located at 410, 420 and 430 N. Mary Ave. The properties are situated on a 14.82-acre site and are 100 percent net leased to Apple Inc.
Each of the buildings comprises two wings around one central core, with two courtyards. There is a 767-space parking lot and a 404-space, two-level freestanding parking garage.
For the first time since 2010, Silicon Valley experienced more office space returning to the market than being absorbed, ending a 23-quarter positive growth streak in 2016, according to JLL. Though Silicon Valley dipped into the red during fourth quarter 2016, more than 2.5 million square feet of gross positive absorption is expected