NEWARK, CA—Mitac Information Systems Corp. has purchased a 238,000-sq.-ft.building here for $22.1 million.
CapRock Partners and its joint venture partner URDANG, the real estate manager for BNY Mellon, sold the property. Mitac is a U.S.-based division of Taiwanese MiTAC, with core competencies in electronics manufacturing services.
The building, at 39889 Eureka Drive, was built in 2008 to serve as a corporate headquarters, manufacturing, and warehousing facility. Features include manufacturing and warehousing space with ceilings 30 to 32 feet high, a commercial grade kitchen, an employee cafeteria, nearly 40,000 sq. ft. of space and a fenced yard.
Urdang and CapRock gained control of the property by acquiring a non-performing note directly from a publicly traded bank in June 2011 for $41 per square foot or $9.8 million, representing a significant discount to the unpaid principal balance. At the time of acquisition, the original borrower had filed for bankruptcy. Urdang and CapRock successfully took title to the property in March 2012 through a foreclosure. Urdang’s portion of thewas made through a comingled fund for institutional investors managed by Urdang Capital Management Inc.
“We purchased the note at an attractive price and believed thewould appeal to multinational companies such as MiTAC seeking space in the East Bay area near San Francisco,” says Cyndi Thomas, a vice president at Urdang. “There is growing demand for large manufacturing and warehousing facilities as multinational technology firms expand aggressively and attract suppliers to the region.”
Greg DeLong and Chip Sutherland with CB Richard Ellis represented Urdang and CapRock. Joe Kelly and Rob Shannon with CB Richard Ellis represented the buyer.