Silicon Valley sites keep drawing investors: new Milpitas deal
Bay Area investors have bought a big office and research park in Milpitas, a deal that hints at ongoing interest in Silicon Valley commercial sites despite coronavirus-linked economic uncertainties.
The local buyers, operating as an affiliate called Intelli, have purchased South Bay Tech Center, an office and research park located on South Main Street near the corner of Montague Expressway in Milpitas, Santa Clara County property records show.
The purchase of the Milpitas complex comes about two months after the same buying group had sold a big industrial center in San Jose, according to documents filed with the county Recorder’s Office on March 26.
In the latest deal, the San Jose-based Intelli group, whose chief executive officer is Tron Do, paid $35.3 million for the complex, property records show.
The Intelli group also obtained a $21.2 million loan from Cathay Bank to finance the property purchase.
The seller was a group headed by Newport Beach-based Benlin Properties, the property records show.
The six-building office park totals 161,000 square feet, according to Milpitas city planning documents. Commercial real estate firms Kidder Mathews and Colliers International have been attempting to find tenants for the complex.
The Intelli buying group bought the Milpitas building after it sold a big industrial complex at 1970 Senter Road in San Jose for $18.8 million on Jan. 22.