BROADREACH CAPITAL PARTNERS of Palo Alto, Calif., has acquired a 231,000 sq. ft. office building from San Mateo-based Limar Realty Group for approximately $39.3 million. The property — known as Pasadena Tech Center — is a two-story building that has been consistently well-leased due to its central location near public transportation. At closing it was 91% leased, primarily by Earthlink Network Inc. The project has served both single- and multi-tenant configurations.
SPERRY VAN NESS EQUITIES of Irvine, Calif., has completed the sale of a 12-building industrial portfolio to Newport Beach, Calif.-based CORE Property Holdings LLC for $55 million. The portfolio is located in Grand Rapids, Mich. Sperry Van Ness (SVN), in partnership with South Charles Investment Group, acquired the property in 2003. At that time, the portfolio included 15 properties, three of which were sold during their two years of ownership. SVN of Fresno, Calif., represented the sellers.
PACIFIC COAST PARTNERS of San Francisco has acquired a 13-story, 232,955 sq. ft. Class-A office building, two adjacent parcels, a six-acre parking site and a one-acre development site in Santa Clara, Calif., from Miami-based Lennar Partners. The purchase price is estimated to be more than $40 million. Located in Silicon Valley's “Golden Triangle,” the building is 65% occupied by 39 tenants. In the past year, more than 50 new leases have been signed in Santa Clara multi-tenant office properties.
